Strategy advice for rehab and refi - rental

[Marco Santana]

Hello Investors,

I've just purchase my 1st rental property and I have a Limited budget for rehab - 15K all-in.

The kitchen and bathroom need some work, the floor carpet need to be removed and the house might need some paint.

My question is:  where is the best room to focus 1st that will provide higher rental and contribute to refi.

Thank you,

Marco

[Andrew Postell]

@Marco Santana the answer here is dependent on your comparables - your "comps".  Whatever your comps say...that's what you are supposed to do.  Meaning, if no properties in the subject property have granite countertops...then you putting in granite countertops won't have any bearing on the property.  Or it will be so minimal that it will make it not worth doing.  Same with pools, flooring, enclosing an attic, finishing a basement, windows, etc.  Do not "over improve" the property for the neighborhood.  And likewise, don't skip on an improvement either.  If all of your comps have tile in the showers and you need that value...you better be tiling your shower in.  Your comparable properties are what give you value.  That's what you should be leaning on. 

Hope that makes sense.