I was gifted a paid off house and I want to BRRRR it…

[Ron Johnson]

Hey, I will be a first time home owner soon and I want to cashflow it as soon as possible.  What are some blindspots that I should look out for?

House : 3 bdrm, 1.5 bath, 1,200 sq feet., half finished basement in a nice neighborhood of Cleveland Heights, OH.  Value: $110K.  It needs a new kitchen and the bathrooms will need updates, mostly cosmetic.  

The house is from my step mother and she used to rent it out for years but doesn't want to deal with it. My dad and I want to keep the house in the family and eventually airbnb the space. I'm currently an Airbnb host in NYC for 8 years, and the house isn't ready for that yet. I think it can be ready for a long term rental sooner than later. I'm familiar with BRRRR strategy and I would love to put it into practice.

Does anyone have any insight on the best way to clear the runway to get things moving?

[Theresa Harris]

Look at the place and see what needs to be done.  How much would it rent as is (with cosmetic things-paint, perhaps new hardware, fix what needs to be fixed) and how much would it rent for with the renos...and what would those renos cost.

The biggest thing in deciding to do major renos is are you going to get your money back and what does it add to the property.  If your stepmom had been renting it out for years, what needs to be done to it?