Update Electrical vs. Not

[Cameron Turley]

Hi all, 

Background:

First time home buyer seeking some advice here. I recently bought a big value add property (FHA) in metro Atlanta that I am planning on doing a live-in BRRRR in. It is a ranch with 2400 unfinished sqft in the basement that I plan on renting out once it is finished. I'll have to take out a private money loan to finish it, and would like to get it done sooner rather than later to reduce the mortgage payment and boost the value of the home when I refinance.

We're 3 months into owning the home, and have had a bad storm where a large branch fell and ripped out the overhead power line from our attic. In the process of repairing it, we've been told that the meter isn't up to code and it might be beneficial to update everything while we're at it. Some electricians are saying that when they turn the power off to repair the existing power line, they may require me to get it up to code anyways before they turn it on.

Here's my question: 

Would it make sense to go ahead and update the electricity and bury it, or focus on more ROI based updates in the home (add a half bath, etc)? I'll have to upgrade my electricity when I finish the basement anyways (panel and meter), so I'm considering doing it now. We're realistically probably 6-8 months away from finishing the basement, so I'm not in a huge rush to do so, and I currently have someone renting out an upstairs room for 1,000 a month.

Any advice here would be helpful. Also, if there are any investors in the Atlanta market that would like to connect, I'd love to meet you. I have a very unique property in Sandy Springs, and would love to pick your brain on ways I can maximize this investment. 

Thanks all, 

Cam