One of my friends wrote in with a question about the procedure to take when a rental property needs repainting and recarpeting.
This is a great question and one that will definitely come up during the life of the property.
Often the best time to do this is when a tenant vacates the property. It is always much easier to do these things when the property is empty.
The downside is that you will be without rental income during the period of time it takes to get the work done. The upside is that you may well be able to increase the rent as the home will be much more appealing freshly painted and with brand new carpets.
If you have a long-term tenant who will not be moving out, then the work can still be done. Each State has its own law governing the amount of notice the tenant must be given to do these kinds of things. It may be worthwhile offering some compensation for the inconvenience they will suffer. On the other hand, they will be pleased to get a fresh paint job done and have lovely new carpets.