Rehabbing Existing Property With Tenants

[Ron Steele]

I'm considering "rehabbing" or improving about 76 units that I own which is a portion of my older portfolio. These properties have been good cashflow properties, but they are more maintenance intensive since they are older. They are about 90% occupied.

I was considering the following:

• Replacing all flooring with vinyl plank except for bedroom (add new carpet when needed)
• Painting all units 2 tone colors
• Replace appliances with new appliances that come with 3-5 year warranty
• Change p traps and plumbing under sinks (Noticing more leaks and stop ups)
• Change all filters (should be doing anyway I know) 
• Resurfacing Tubs

I could increase rents on the property but I would only do so for my problem "late or non paying tenants" so the move would be a value add/bulletproof to reduce maintenance.

Anyone have any other strategies or suggestions? Is this over improving or should be done periodically anyways?

The properties are all about 35-50 years old.

Also should I finance these through cashflow of the properties a little at a time, Refinance some existing equity that I have, or go to the bank with the rehab plan and show a higher appraisal resulting in higher rents. My rents are about middle of market for my market (some a bit below)

Thanks for you help