Help wanted! First Time BRRR- Duplex

[Tony R Fox]

Hey everyone. Very excited to share that I'm just getting into contract for my first duplex and I'm looking to BRRR. I will not be living in this. One unit is vacant. 2nd unit goes for under market rent but has a stable tenant. Both units need cosmetic rehab only, good bones on the home.

1. What do I do with the existing tenant knowing that I need to rehab?

2. When using a private money lender to help with the initial costs/renovation, when can I refinance? After both units are rented?

3. Any tips/lessons anyone would recommend for a first time BRRR?

THANK YOUUUUU

[Joshua Janus]

If the tenant is a great tenant, can pay well in the future and wants to stay, you could rehab the vacant side first then move the tenant over to that side and rehab the other. It is generally a better idea to renovate one unit at a time that way you don't remove all cash flow coming in for an unknown period of time.