How to grow my real estate investing business

[Michael Strobel]

Hey BP!

So Im a fairly new investor. I do buy and hold. Own 2 properties (a duplex and a 4 plex). Owned the duplex for nearly 2 years. Am about to move out of one of the duplex units and once it rents Ill clear about $100/door/month from the duplex. Im moving into the one of the apts in the quad. Just kicked out the lowest paying tenant $490/mo and am putting some sweat equity in that unit. (Updating the bathroom, ripping up old carpet, putting down plank vinyl flooring, paint, updated appliances etc. About $3-4k total.) I know they will be worth $650 conservatively per month in rent but could def see $700/month as well.  Just bought the 4plex in April. All units livable but I bought it for value add. I bought it at a pretty good deal and have some equity in the property (~15-20k). 

The other 3 units ($550, $525, $575) are slightly under market value ($600/month). All except for one were on month to month. So I raised the rent to market value on the 2 that I was able to and they both decided to move out. 

Heres my question....

Is it worth it to get a personal loan/HELOC other type of small loan to fix up the other units and get them to the same level as the unit I am currently fixing up more quickly? I'm not completely positive of the rent on the updated unit (def will be at least $650 but Im hopeful for $700. Or do I simply fix up the one unit, get more cash, and pay for the updates on the next tenant turnover in a year plus.

I tend to be more conservative rather than aggressive overall and would prefer to pay cash for updates to the other apts when I fix them up but I have the opportunity to have 3 of the 4 units fixed up within 6 months of buying it if I get a HELOC/personal loan etc for the repairs. My mortgage is $1200/mo. If I can get $650 per unit with them all fixed up, thats $2600/mo in gross income rather than $2100/month that the 4 plex currently gets.

Would love to hear your thoughts. Let me know!