Skip to main content
#
Tim Cassidy Real Estate
our twitterour facebook page linkdin youtubeinstagram
Property Management & Real Estate Blog
Wednesday, February 20 2013


The first thing you need to do when you inherit a home is to understand that the longer it takes to rent it out, the less money will be generated from the home. Assuming the purpose of the inherited home is to generate funds, you want to move rapidly through a couple of steps in order to get a quality tenant placed in the property. Otherwise, you will miss out on several months of revenue that could be generated from the property. For example, if it takes you three months to clean out a property and make repairs and a tenant is not in there, you will be losing three times whatever the monthly rental is. So, if your house can rent for $2,000 or $3,000 per month, those three months will cost you between $6,000 and $9,000. There is an incentive to move quickly through these steps when you inherit a house. 

 
1. Clean out the property. This means cleaning out the interior and the exterior. Remove all the personal belongings you intend to keep, and then clear the debris, trash and items that are found outside. If you are only in town for a few days, I recommend you remove anything of value, such as sentimental items, keepsakes and important documents. Then, instruct that everything else be hauled away and cleared out. Getting the property emptied is the first step.
 
2. Inspect the property. Once it is cleaned out, you want to walk through the property and inspect all the systems. For example, look at the plumbing system and make sure there are no leaks. Check the irrigation system to ensure the sprinklers work and the timers are set if necessary. Take a look at the locks on the doors and windows to ensure they work. Once you have inspected everything, start your repairs, replacements, upgrades and attention to safety issues. Repairs are any fixes that are necessary, such as the locks and leaks we just discussed. Replacements might include a heating system or something else that is not functioning. Upgrades often include replacing appliances and other things that might be operational but are outdated. Safety items you want to be concerned with are smoke detectors, carbon monoxide detectors and the hot water heater. 
 
3. Begin the leasing process. Once repairs are done, replacements are taken care of and the paint and carpet look good, we can start the leasing process, which will generate revenue for you. 
 
Thank you for joining me today. If you have any questions about what to do with property you have just inherited, or you need help moving through these three steps, please contact us at Cassidy & Associates Real Estate and Property Management.
Posted by: AT 02:09 pm   |  Permalink   |  1 Comment  |  Email
Comments:
Tim, Great Blog! It's always good to know what to expect when inheriting a property. I have written a similar blog about what to look for in a property manager. I have included the link. http://blog.blackbirdrealty.com/what-is-property-management-how-to-find-right-property-manager-las-vegas/#comment-719 George
Posted by George Trombley on 05/30/2013 - 11:51 AM

Post comment
Name
 *
Email Address

Message
(max 750 characters)
*
* Required Fields
Note: All comments are subject to approval. Your comment will not appear until it has been approved.

Kevin T:  "Once again, Cassidy & Associates have exceeded my wife and my expectations and have provided us with a beautiful place to stay."

 Insititute of Real Estate Management ARM Code of Ethics Insititute of Real Estate Management website US Department of Housing and Urban Development (HUD) website Why choose a REALTOR? National Association of Realtors website Why Use an E-PRO? 

    Contact Us

    Cassidy & Associates Real Estate, Inc.

    4295 Gesner Street, Suite 3D
    San Diego, CA 92117

    Call Tim Cassidy (619) 275-2525  (619) 275-2525

    Contact Tim Cassidy  Email

    DRE 01209267
    CA General Contractor #726630

    our twitterour facebook page linkdin youtubeinstagram

    Video About Cassidy & Associates

    Tim Cassidy Video

    San Diego, California, Real Estate and Property Management Company

    © Copyright 1987- Cassidy & Associates Real Estate, Inc., All Rights Reserved.

    Web design and hosting by Precision Computing Arts, Inc.