BRRR After Already Purchasing a Property

[Erik Nordgaard]

Bigger Pockets Family, I have a house hack that is just short of breaking even and want to know how you would essentially BRRR a property I you already own in order to make the numbers work. My plan is to reduce my mortgage payment by rehabbing the property and then refinancing my mortgage. I acquired my first rental property/househack, a four plex, last September through a 0% down VA loan. I rushed into these deal and as a result the numbers barely work. The house is a single family converted to a fourplex and it was built in 1908. Though the place is majestic, she is in rough shape. My saving graces are my house is in ideally situated between a downtown area, a college, medical school and a massive Navy Base with a solid rental history (knock on wood). It’s also the most beat up place in a very expensive neighborhood. The drawbacks are that repairs/modifications are expensive due to the house’s age and that I have to clear everything through a historical society as a result. The note on it is 438K and I want to do enough work to extract 88k worth of value out of it. The house needs some exterior work, namely a paint job, a new landing/walkway, have some pipes removed and hidden plus landscaping and tree removal. I also want to put storm windows in. Interior wise, the common area needs painting and new carpet. Aside from repairs, what else would you do to increase the value? Who would you all talk to figure out what to fix first and what would be most valuable? How would you decide what to do/fix first? Thank you in advance everyone!