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Updated over 4 years ago, 05/20/2020

User Stats

75
Posts
39
Votes
Keaton M.
  • Austin, TX
39
Votes |
75
Posts

First Renovation: Am I Overdoing It?

Keaton M.
  • Austin, TX
Posted

My wife and I have been working on the first unit renovation of a fourplex in a B-ish class area. There is a lot of development around and we definitely are producing a unit much higher than the typical in our area, but I expect others to follow suit soon. We did a lot of the work ourselves but it still cost about 30k since we hired professionals for permit work and replaced appliances. We both work full time and its taken about 10 months for us to move into this unit. We start the next unit soon and I wanted to get input from this community on things I may hold back on next time or if the amount done is reasonable. 

Purchase price 555k with 20% down. Current rents are $1050 and will be raised to 1400 after renovation. The plan is to refinance in 1 year after all units are done.

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