FIX TO RENT

Rental properties offer the benefits of steady long-term income. While that income may not be substantial, it adds up over time. With rentals, it's not the monthly income that's attractive - it's the ability to hold onto a piece of property for the long-term without having to pay for it in the meantime. 

Tenants are paying off your mortgage, property taxes and insurance for you. Meanwhile, your property is gaining value. Once the mortgage is paid off, you can keep most of the rental income for yourself - minus the cost of property tax, maintenance, and insurance.  Eventually, you can sell the property to earn a nice profit on top of the income you've earned from renting. 

It's also considerably easier to hold multiple rental properties and passively earn income. You can hire property managers to oversee the maintenance of your properties and collect rent checks on your behalf. 

The only real drawback to rental properties is that the return isn't quite as substantial as it would be with flipping. You realize gains slowly and over a long time. If you have a 30-year mortgage on the property, you'll be waiting three decades to collect most of the profits on your monthly rental checks.  

There are exceptions to this rule, of course. If the property is located in an area where you can charge substantially more than your monthly upkeep and mortgage costs, there's the potential to see a higher return more quickly. But these properties are rare and usually snatched up quickly. If you've invested in a community rental property, like an apartment building, it's also possible to earn a higher monthly return. 

Flipping, on the other hand, requires a more hands-on approach. You could hire someone to take care of the leg work for you, but the cost would eat into your profits significantly. 

The truth is that both methods are equally profitable. It all comes down to how much you can invest and how often. It also depends on your goals. If you're looking for quick, large returns, flipping is the obvious choice. 

If you have the time and resources to purchase multiple properties each year, you can continue generating substantial profits, provided you are successful in choosing the right property and upgrades. 

If you're in it for the long haul, renting is a smarter option. Over time, you can continue building up your portfolio of rentals. Once the mortgages are paid off, you can continue collecting rent checks or sell the properties to earn a large return. 

•  Replace missing fence boards

•  Add sod if needed

•  Mow the lawn and pull weeds 

•  Plant flowers to add color   

•  Fix or replace garage door

•  Service HVAC system 

•  Fix and roof leaks or tiles

•  Choose light and neutral colors 

•  Eggshell in the house

•  Semi-gloss in the kitchen and baths

•  Remove wallpaper

•  Putty holes

•  Replace town screens

•  Clean windowsills & tracks 

•  Resurface or replace countertops

•  Service or repair all appliances

•  Fix leaks

•  Clean out or replace tile grout 

•  Replace broken cabinet hardware

•  Tighten cabinet hinges

•  Paint or resurface cabinets

•  Fix leaks

•  Caulk and seal your bathtub

•  Tighten your toilet 

•  Replace toilet seat

•  Clean sink and tub drain

•  Clean out or replace tile grout

•  Replace broken cabinet hardware

•  Replace light bulbs

•  Fix or replace broken lighting fixtures

•  Tighten doorknobs and hinges

•  Locate keys for all locks

•  Locate garage door opener

•  Replace batteries

•  Fix or replace broken tiles

•  Clean up or replace tile grout

•  Fix and clean baseboard

•  Restore hardwood floors

•  Professional clean carpets