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Can I get a commercial loan without 25% down?
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Can I get a commercial loan without 25% down?
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Depends on location and what other competing properties have. My daughter has a nice apartment in Boston and there’s no dishwasher.
Not a big deal, but I would add one before renting the place out… you could be leaving ~5% of your rent roll on the table…
It depends on the class of property. If, say, you’re doing section 8 housing, not necessary at all. Better properties and higher rents would likely require one. But in really tight markets, you might not need one at all. But I agree with D2—the fewer things to fix, the better. I’d also add a/c to the don’t buy list if the building doesn’t already have it. Tenants can install that themselves. The one thing I would do, depending on your climate, is see if it makes sense to retrofit old heating to electric baseboards that the tenants pay as part of their electric bills. A real killer can be utility bills you have to pay.
My rental is just my first home. I renovated the whole kitchen after I moved in and I didn't put a dishwasher because I didn't grow up using a dishwasher and I was living alone and it was easy enough to just wash my dishes as I used them. Once it became a rental I still didn't put a dishwasher in and the first two sets of tenants I had I never pushed back about it. Current tenant asked for one and I now have a property manager who said he would do the installation for free if I just paid for the dishwasher and I felt that was as good a deal as I was going to get to finally have one installed so I went with it.
Not a big deal. I just cut out a cabinet and installed one.
Subject Expert
Dishwasher is very easy to add if you feel it’s a necessary amenity.
But some people only use a dishwasher as a place to store pans, so they may not even care.
Better yet, don’t get a dishwasher if you can avoid it. Less things in the rental = less problems. Same thing about garbage disposals, just don’t do it.
Leaving renters on their own accord to wash dishes is asking for pest problems
This is a dealbreaker for a lot of single family homes