Minnesota Investment Real Estate

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I believe that most real estate investors are probably more excited about the day they will sell their investment property, than the day they buy it! I first wrote about this topic back in August 2007. After seeing about 500 more properties since then, I thought I would revisit my original prepping to sell list and make some additions. On the original list, I talked about items that you should fix, repair, or update yearly on your Minnesota investment property to make it easier once it comes time to sell.

Below are some of items that you must do prior to putting your property on the market:

1. Clean out that basement or garage! Are you still storing the stuff from the evicted tenant from 5 years ago?
2. Tune up the furnace and water heater. The mechanicals in an investment property are typically the most neglected part of the building. At least try and pretend you paid attention to them while you owned it.
3. Have your leases up to date with future lease end dates.
4. If you have any vacant units, fill them immediately!
5. Raise the rents to make your property show better cash flow.
6. Lastly, if the front steps are crumbling, fix them. This is often the first impression of the property maintenance history of your building!

While not an exhaustive list, doing these will actually help your investment property stand out from the competition.  And when trying to sell your investment property, every little bit helps!

Scott Ficek owns and manages almost 30 investment property units from single family to multi-family. Find his website at www.minnesotainvestmentrealestate.com or receive his blog via your RSS Feed or in your Email. He is also a Minnesota Real Estate Agent with RE/MAX Advantage Plus in Minneapolis and helps new and seasoned investors buy and own Minnesota Investment Property.

This entry was posted on Thursday, March 20th, 2008 at 9:53 pm and is filed under Selling Property. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.