New investor’s first run at BRRRR

[Joy Hughey]

Hi! I just purchased my first property in Texarkana, TX. I have family that are also investors in the area and they help me find a good deal from an investor selling single- family properties to get into multi-family.

Property details:

Purchase price: $80,000

Appraisal price: $107,000

Yes, I am excited about the $27,000in equity!

The plan is a BRRRR strategy. I have questions about how much should invest in the rehab. I know I should focus on the kitchen and bathrooms but what about the flooring. The house has inconsistent vinyl flooring throughout and is fairly good shape. I am think about replacing with laminate flooring. How should evaluate if I should move forward?