Recommendations on renovation

[Shak F.]

Hello Charlotte BPs,

I am new to investing and upgrading properties. I recently acquired a class B single family property it came with tenants. They will move out in mid April. It's okay condition for me to live there, but may require some upgrade and some fixing if I rent it out. I plan to keep this property for a long term with long term or mid term tenants. I am not sure where to begin with fixing. At the sometime, I don't want to over do it. For minor upgrade and fixing, I am thinking of starting with general contractors. Does anyone have any recommendation how should I begin? I am hoping to refinance sometimes next year when interested rate goes down.

[Rob Beeman]

@Shak F.  I am not a Charlotte BP'er but I can offer my opinion. Since it is going to be a rental, first concentrate on any items that need maintenance immediately that prevent it from being rented now (creating cash flow)(including all parts to be working, such as HVAC, plumbing, electrical, etc.). 

Then, look at any updates that might bring in MORE or HIGHER rents, such as kitchen, baths, fresh paint, clean floors (carpet or hard surfaces), ceiling fans, window AC units, etc. My opinion is to not engage a GC, but rather work directly with any service providers that are needed for certain tasks. In other words, instead of having then GC hire the plumber, roofer, electrician, painter, etc......you hire them as needed directly. It may require more time on your part, but you will likely save money and learn much more in the process. 

Finally, never be afraid to connect to local landlords/real estate investors and tap  into their network of service providers for leads and ideas. You might be surprised who is willing to share/help. Good luck, Rob.