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Updated over 3 years ago,
Improving a property for a BRRRR
High BP! I am writing with a question regarding hey property I I am improving prior to getting refinanced using the BRRRR method. I purchase this house and it came with tenants and several dogs. I have spent a good amount of money just bringing the property back up to livable conditions. I now need to think about the floors. There is some pretty cheap carpet in two of the three bedrooms and the living room. The house is full of stuff and tenants.
How much will it affect the appraisal if I don't deal with the floors but leave the beat up carpet? I believe there are hardwood floors under the carpet which I would refinish if the house was empty...but it's not. The tenants don't keep the house very tidy either. How much will these things negatively affect the appraisal?
While the cash flow has been nice, doing the BRRRR with an inhabited property is far from ideal!
Thanks for any wisdom you can share!