It’s definitely no secret that I love designing our flip houses. I just can’t get enough of creating in whole new kitchens, bathrooms, and even full floor plans because I love the results and the expressions on our buyers’ faces when they see how amazing our houses look. Of course, if you’re not interested in making a career out of flipping houses, but you still want to achieve financial success in real estate, you’re probably wondering how to make extra money and keep your day job.
That means you’re probably also wondering how you can afford the time and effort to get into house flipping and what kinds of designs you’ll be able to create. Honestly, if that’s the case, you might have better success with flip and hold properties. Of course, if you go that route, you might be a little bit concerned about putting a lot of work into a property that’s going to be at the mercy of your tenants, right? Well, I actually have a few really great design tips that will look great and attract tenants while also standing up to wear and tear.
Stainless Steel Is Always Your Friend
First of all, when your prospective tenants walk in, you want them to really want to live in your house. That’s not going to happen if you have old, drab kitchen appliances. At the same time, you’re probably not too excited about buying expensive new appliances just to have to replace them in a few months or a year. You don’t have to go with top-of-the-line stuff, but I definitely recommend stainless steel. It looks modern and sleek, but it can really take a beating (not that your tenants should be beating on the fridge, but you never know!).
Add Storage Space with Built-In Shelving
Your tenants aren’t just going to be looking at the size of the living room and master bedroom. They’re also going to be looking at where they can put all their stuff. A lot of older houses don’t have a ton of closet space, but you can add more storage space by installing some built-in shelving. Mount shelves over doors, in the hallway, and on blank walls in the bedrooms, and your tenants will be able to start seeing where their books, DVDs, kids’ toys, and other stuff will go. In other words, they’ll start imagining themselves living there, and that’s the first step toward signing a lease.
Paint Walls a Neutral but Attractive Color
Here’s an issue that you’re going to run into whether you’re flipping or holding a property – what color should the walls be? Basically, you don’t want people to walk in and think, “None of my stuff is going to match this place.” At the same time, you don’t want them to see just another boring, neutral rental. I can’t tell you how many times I’ve walked into houses with the same “mocha” (beige) walls throughout. This year’s color is white, but if you’re going to go white, you’ll want to accent the baseboards and/or molding with a light gray, brown, black, or another color that’ll set them off and give them more dimension. If you do that, you can get an even more stylish look by going with a slightly contrasting color for the carpet.
With the right design updates (like these) and a good property management company, rental properties are great if you want to learn how to make extra money and keep your day job. With these tips, you’ll have one more way to find financial success in real estate.