BRRRR of a Duplex - Ideas to increase rent & value (Canada)

[Lionel Johnston]

Hi Folks, 

We just bought a SXS duplex in Winnipeg, MB. It all came together very fast and we're excited about this next property. 

Goal: Increase rents and force appraised value

It is fully rented with newer leases and based on the products that are available to us and our timeline, we'll likely have a 5-year variable mortgage. Keep in mind this is in Canada and mortgages are done differently in some regards. 

My question is ... what are some of the best and most creative ways that you've BRRRR'd a duplex and force value over time and increase rents? We've just done this with a single-family home but I know there are a lot of great ideas in this group.

Since rented, we're going to make improvements to the exterior and yard to class up the curb appeal. 

We're also considering speaking with the tenants that we'd like to make improvements and that we could enter multi-year leases where the rent steps up each year. If they are not interested, we can hold off on interior renos and turn tenants at the end of their term next year. 

TIA for your thoughts. 

Lionel