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Flipping Houses: Turning a Wreck into a Gem


About Me

Flipping Houses: Turning a Wreck into a Gem

Five years ago, I decided to start my own side business. Along with keeping my job as a construction worker, I decided to use my savings to purchase an older residence. The plan was to fix up the place and then sell it at a profit. It didn't take me long to figure out that while my side business would take up most of my free time, it would make me a lot of money. Today, I still flip three or four houses a year. My strategy developed through trial and error, and I've learned how to evaluate the potential of a property first, then buy second. I know what must be done in the way of exterior painting, making the place secure, and ultimately finding the right buyer. If you are thinking about trying this kind of sideline, read on. What I've learned will help you a lot.

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Four Questions To Ask Before You Rent A Self-Storage Unit

Renting a self-storage unit provides a great way to store your items or create an additional space for a variety of needs. Before you sign a rental agreement, however, there are some things you should know about your storage space. Here are some important questions you should ask before you rent a storage unit.

What Happens If Rent Is Paid Late?

If you pay your rent a little late, you might be charged with a late fee. When renters fall seriously behind on storage unit rent, some facilities can place a lien on your property to help recover the amount of rent that you owe. In California, a lien can be placed on your items if you are just 14 consecutive days late on your payments. Your items may be put up for auction, so it is critical that you pay the agreed-upon rental fees every month. This should be clearly stated in your rental agreement so there are no surprises if you miss several payments.

What Can The Unit Be Used For?

Some self-storage facilities have strict rules about what the units can be used for, so it's important to know the rules and regulations before you sign your contract. Your facility may restrict the usage of the unit to storage only, which means you can't use the space as an office, workshop or band practice area. There may also be rules against storing vehicles or boats in the unit. Make sure that you understand any and all restrictions before you sign a rental agreement.

What Fees Do You Charge?

You may find that your self-storage facility charges additional fees on top of your regular rent. You might be charged late fees if you pay your rent late, or you may be subject to a charge for electricity if you rent a unit with outlets that you use for lighting or powering your unit. There may be a cleaning and move-out fee charged at the end of your contract with the self-storage facility. Be aware of all charges before you rent so that you have a clear idea of how much you will need to spend on your unit.

What Happens If You Are Locked Out Of Your Unit?

In the event that you lose the key to your unit or the lock becomes damaged, you'll need to know what the facility's procedure is to help you gain access to your unit. Ask if there is a staff member on site at all times who can assist you. If the lock to your unit belongs to the facility, you may be charged to replace the lock after it is cut, or you may be required to only allow authorized personal to remove the lock.

Knowing all the small details about your rental agreement will help you to decide which facility to rent from and what to expect from your contract. Be sure to go over the contract in advance, and don't hesitate to ask questions before you sign your rental agreement. For more information, consider contacting companies like I-70 Self Storage.