The first step for preparing a house for rental is to conduct an inventory of the property to see what you'll have to do to prepare it for its next resident. After all, you and your last tenant may not notice the worn spot in the carpet in the den, but your next renter will point it out and pass on it.

Prevention and regular maintenance is the best way of getting a property ready for renting. If you're regularly dropping by for a physical inspection of the house or condo, then you won't be surprised with a large problem by the time your current tenant gives notice.

The problem with waiting for maintenance and care until you've received a notice from your current tenant is that by that time, it's overwhelming and you may need to call in the professionals (read -- write checks) to get the work done. Eventually, you want to have a team of professionals doing all the fix-up anyway if you want to have more than just one or two investment properties. Remember, you've set up a real estate investment business, not a property management company.

When you're getting the property ready to rent out the first time, you may want to add some upgrades to the house so that it rents quickly and so that your new amenities last longer than the first year. Fix-ups and upgrades don't have to be expensive.

You're going to want to look at these items:

Cleanliness

In the big scheme of things, many properties can best be prepared with just a really good cleaning. I've seen many private landlords make a huge mistake by not paying to have a unit professionally cleaned, or at least, giving the cleaning process its due attention.

This is more than just a Saturday morning cleaning. We're talking deep cleaning. Since the last tenant has moved out, this is one of the easiest deep cleanings that can be done. Some of this may be review, but it's best to have a check list when getting this done:

Whole unit

• Vacuuming
• Dusting
• Shampoo carpet.
• Mop all hard-surface floors and use appropriate post-waxing applicant (wax, flax seed oil, etc.).
• Wipe down all walls.
• Patch all picture holes.
• Paint when and where necessary.
• Clean light fixtures (you can put light globes and covers in the dishwasher).
• Clean windows.
• Replace torn screens.
• Check windows for ease of opening and closing.
• Check all smoke and CO2 detectors.
• Open all doors and listen for squeaking hinges, then oil what's necessary.

Kitchen

• Thorough cleaning of kitchen appliances.
• Check garbage disposal seals.
• Vacuum bottom of refrigerator and around compressor.
• Check ice maker (if applicable).
• Replace exhaust fan filters.
• Thoroughly clean inside cabinets, consider new shelf paper.
• Clean ovens and drip pans on stove.
• Replace any broken appliance light bulbs.

Bathrooms

• Clean/disinfect with strong detergents! (Bleach-based preferred.) This is probably the room that gets the dirtiest. I don't want to get into too much graphic detail, you can imagine, I am sure.
• Remove all soap scum from mirrors, glass, tile walls, tub, shower, etc.
• Replace shower curtain.
• Remove all mildew -- and this doesn't mean cover it up. If you have a mildew problem, take care of it!
• Vacuum exhaust fan.
• Replace exhaust fan if broken.
• Clean out medicine cabinet.
• Check under vanity for leakage.
• Check inside toilet tank mechanism to ensure proper flushing.
• Tighten towel rack brackets.

Washer/Dryer

• Run empty load through washer with bleach.
• Wipe out thoroughly.
• Check fixtures/check pipes for rust, replacing hoses, etc.
• Clean external surfaces.
• Clean lint net.
• Remove exhaust hose and inspect. Clean and reattach.
• Run cycle on both to insure they work properly.

Home Inspection

By the time you get to the major systems, you may want to hire a professional, certified or licensed, home inspector. Not all states require certification and/or licensing. For a professional in your area, refer to the American Society of Home Inspectors at www.ashi.org.

A home inspector can check all aspects of the house and at least let you get familiar with the property before you start renting it out.

ASHI describes a home inspector's Standards of Practice to include the inspection of the following areas of the house:

• Structural System
• Exterior
• Roof System
• Plumbing System
• Electrical System
• Heating System
• Air Conditioning System
• Interior
• Insulation and Ventilation
• Fireplaces and Solid Fuel Burning Appliances

Painting:

Applying a new coat of paint to the interior can do wonders the look and feel of your house. Painting is one of the most inexpensive do-overs, yet one of the most effective. A couple of cans of good paint run about $50. Additional equipment (brushes, rollers, drop-cloths, etc.) will run between $30 - $50 and in a day, you've given one of your rooms a complete new look.

Painting the exterior on a regular basis is something for which every homeowner should budget time and money. Painting your investment every two-to-three years keeps the exterior in good condition and provides you with the opportunity to inspect more closely the parts of the house you normally would not get access to on a regular basis, such as the eaves and overhangs.

While it would be difficult to paint the whole house for under $200 -- try attacking the trim first. With a couple cans of paint, you could probably take care of the shutters and door. A fresh coat of paint on these items does wonders for the look of the rest of your house.

Keeping up with the property with the above items provides you with an investment that will last for years. In addition, it gives you the opportunity to inspect your property while the tenants live there; AND it makes for happy tenants who will want to stay in the house year after year after year.

Published: January 9, 2004

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Mr. Carr is an award-winning real estate broker in Northern Virginia and authored "Real Estate Investing Made Simple: a commonsense approach to building wealth." He also contributed to Donald Trump’s book, "The Best Real Estate Advice I Ever Received," and is an active trainer and coach of top producers in the Washington DC market. As a sought-after expert on real estate, Mr. Carr has been featured on CNN, various broadcast outlets and was the former real estate editor for The Washington Times. He accepts questions at his blog www.RealEstateOlogy.org.