Repairs and replacement

[Joseph Careri]

Hey everyone!

I recently got my  first rental property fully occupied as of March 1st! This is great news but hold the applause...just 2 days after the tenants moved in, I got a call from my property manager that the fridge is completely shot (Just my luck!) I decided to go with a used fridge from a referred used appliance company that my property manager uses often. I did this as a short term fix because I do plan on renovating the kitchen and replacing the appliances with new ones. My question for you all is, do you think I made the right choice by cheaping out on the front end with hopes that I won’t have to replace the appliances again anytime soon? Or should I have bit the bullet and done the kitchen gut and appliance replacement already? Keep in mind, I am short on funds to do a complete redo but I am looking to make those changes by year end or next year. I am also cash flowing approximately $400/month on this duplex after all expenses, so money will be made at a decent rate.

Let me know your thoughts! Thanks in advance!

-Joseph

[Damaso Bautista]

@Joseph Careri

It depends on the level of rental you have. The finishes should fit the neighborhood comparables for financial reasons.

That being said, I pride myself in having nice rentals and all my friends tell me I go overboard with the level of finishes that I put in.  

When I show my property I like for it to be nice a place that someone would be proud to live in.  This is a personal choice and I feel like my property is a reflection of me.  So a quality product is what I choose to go with.

Bottom line is you need to use your criteria. The one that makes the most sense for you.  There are a million different answer and there is no one size fits all.

Keep going!