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Updated over 5 years ago on . Most recent reply

User Stats

25
Posts
6
Votes
Shannon Richardson
  • Staten Island, Ny
6
Votes |
25
Posts

Renovation on 3 unit home!

Shannon Richardson
  • Staten Island, Ny
Posted

I found a multi-family home in the southern part of New Jersey that's in amazing condition and needs little work.  The only problem is I don't know where to begin. I have a few ideas in mind but due to me not being a rehabbing for flipping specialist my knowledge for home construction only goes so far. 

Would love to hear from everyone about how they would go about it no matter how little, any type of input would be appreciated. I would love to even hear what current landlords are using in there homes now that is cost-efficient while being high quilty and appealing. Also, would love to hear from different contractors as well. 

Most Popular Reply

User Stats

37
Posts
11
Votes
Dmitriy Yeshin
  • Rental Property Investor
  • Scotch Plains, NJ
11
Votes |
37
Posts
Dmitriy Yeshin
  • Rental Property Investor
  • Scotch Plains, NJ
Replied

@Shannon Richardson

Hi. If the house is in such amazing condition why do you need to renovate at all? Are you trying to flip it or do you think that Apts will rent for higher rate or faster if you renovate? Don't spend a penny on renovations unless you are absolutely sure you will get your money back at a reasonable return or repairs are necessary due to hazardous conditions. Also, beware of "hidden" issues and make sure you get a thorough inspection report. Even though property may look visually appealing something like a broken furnace can destroy your projected profits.

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