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Updated 4 months ago on . Most recent reply

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Annie Chien
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What would be the best revitalization strategy for a Fourplex

Annie Chien
Posted

Hi all,

I have encountered a deal of a fourplex, with full occupancy. It is in a nice neighborhood. However, the property has been having delayed capital upgrade or proper maintenance for a long time. The windows, roof, electricals, plumbing systems, and gas lines all need major upgrade to bring the property up to date. 

If all of the units are currently occupied, what would be your best revitalization strategy to bring the building up to its proper condition?

Thank you!

Annie

Most Popular Reply

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Rick Albert#3 House Hacking Contributor
  • Real Estate Agent
  • Los Angeles, CA
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Rick Albert#3 House Hacking Contributor
  • Real Estate Agent
  • Los Angeles, CA
Replied

This is a challenging one because it isn't like you are getting more rent once these renovations are done and depending on what you are doing, you would then have tenants that are fine with the way things are but start doing wear and tear.

Here is how I would prioritize the work:

1. Health and safety

2. What does your insurance require? At some point they are going to do an inspection. This will need to be addressed ASAP.

3. Preventative maintenance (things like gutters or removing/trimming trees).

4. Then as units become vacant, then do other renovations.

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