Updated about 12 years ago on . Most recent reply
Rehab owner occupied duplex southeast pa
I finally pulled the trigger and bough my first house in west chester pa. It's a duplex with a 3/1 on the second and third floor and a 1/1 on the first floor I plan on living in. The house is in very good condition just needs updating. I plan on remodeling the 1br before I move in with a new kitchen, bathroom, refinish original floors and take down a wall for an open floor plan. My question is when and should I renovate the 3br also.
The house has never had a problem attracting renters because of its location. The current tenants are planing to move out at the end of the month so I would have an opportunity to renovate then. The unit could use a new kitchen, bathroom, and floors refinished. Once that is finish I fell like I could increase my rent by 300 a month.
I only plan on living here 2-3 years but would like to hold on to the property as an investment. Would it be best to invest in this property or keep the money in the bank to fund my next investment.