First investment property

[Cody Barrett]

Hello everyone!

Thanks for taking a look.  

(Buy and hold property)

So I am working on closing my 1st property.  It is a 2/1 duplex, upper/lower units.  Beautiful home, excellent bones, built in1920, super well maintained, original woodwork, a few stain glassed windows adding character, etc.  Definitely could use some TLC in the kitchen and bathroom to make it worth more and bring it into the 21st century a little bit. 

I am afraid that I might go over board, though, spending too much on certain things because its what I would want if I lived there, kinda thing.... Yah know? I've read about it and my inspector warned me that was his big rookie mistake...  He was great at rehabbing and he put a lot of work into his first investment but then it wasn't really taken care of..

So my question is, since I haven't done this before lol...

Any tips on getting decent stuff (long lasting really) without getting caught up in trying to pull off some HGTV moves..? lol 

maybe some suggestions on a decent long lasting kitchen floor that is modern, sinks, countertops, cabinets, etc. Even bathroom advice, long lasting tubs, decent brand faucet/shower heads, sliding door or curtain? Even links to some blogs or videos on youtube would be awesome.. I love learning and I am totally excited about closing soon to begin my REI career!

Thanks everyone!

Cody

[Carolina E.]

@Cody Barrett Congrats on your first property.  That is true what your inspector warned you about.  I was like that and sometimes still am.  If it is a buy and hold you must keep in mind that you will want to fix it up differently than a flip.  Especially depending on your rents you can get.  You have to keep in mind that things may not last with tenants, unless you get great ones.  

That said, have you looked at similar rentals in the area?  See what they have compared to yours and what they go for.  Does your rental really need the upgrades to get better rents and tenants or do you just want to do them?  Do the floors need replacing? We usually put vinyl plank flooring, I like that in case of spills.  I would just leave a curtain rod, the shower door would be more for a flip.  Do you have any pictures?  Hope this helps.