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Updated about 6 years ago,
What to rehab now vs later (Short term rental to flip)
So I recently purchased a property with the intention to rent it out (while I get over the short term capital gains period).....
A quick aside, is this still a 1 year time period??????....Now back to the original reason I am writing this...
So we are currently in the rehab period and we are going through some trouble understanding what to rehab now vs later with out wasting money by rehabbing things twice. Does any one have some guidelines which they can share that they follow when going through this decision making process? I would grade the tenants to be C (or atleast I will ensure that they are this or better). I'm kind of leaning towards the mentality of "Lets get it done now, how much damage can the tenants do?"
To put this in perspective, the house is from the 70s, with some items that must be fixed to make the house livable, Im of course going to fix these but these start a chain reaction. For example, the tiles, toilet, and bath tub are a puke green and funky pink. Ill replace the toilet as its broken but then it looks like the bathroom is half baked. In order to get the best bang for the buck for rental income, what would you do?