Our property investment company has purchased, redesigned and outfitted more than a dozen houses for different purposes. Our portfolio includes vacation rentals, fix and flips, long term rentals and more. We have purchased in some areas we like better than others and we have learned what to look for when shopping for a new project. One thing we know for sure: when you find a place that is perfect, keep buying in the same area! Our current project is five houses down the street from one of our favorite properties.
Acquiring properties in the same area can save you time and money. You have already done the comps, scouted the nearby conveniences, gotten acquainted with the neighbors, and know what works and what doesn’t with landscaping, plumbing, contractors, etc. The plans for this new property are very similar to the house we already own, including the addition of a pool to raise the booking value. This particular property was sold completely furnished, so Levi and Carly hosted a ‘garage sale’ to clear everything out before the demo begins. (PS, it was Carly’s first garage sale and she loved it!)
These two houses are on the same street but do not have the same floor plan, and this one has some weird challenges. One of the first and most important things I do with a new property is figure out the layout for the main rooms. This house has a long narrow room immediately as you come through the front door, which includes the kitchen, dining and living areas. It is super awkward in this configuration, so I am spending time sketching options to make the space more functional and give it a wow factor on entry.
My book, 7 Seconds: How To Leverage The Seven Second Rule In Your Home Designs and Real Estate Investments Second Edition, explains how a person decides to rent or buy a house in the first 7 seconds they see it. I want the first 7 seconds of this new property to be an amazing experience for our future vacation rental guests. Stay tuned for my ideas and how they work out in this space.
Planning and sketching,
Karen Conrad Metcalfe