Updated over 9 years ago on . Most recent reply
Before and After- What do you think?
This is not a flip but is instead an update to rent. I removed the green carpet, painted all of the wood panel, removed the wall paper trimming around the ceiling, new counter tops and flooring. Kept the cabinets, stove and refrig. This is my 2nd rental. (My mortgage is $660 renter will move in on Monday renting for $1200).
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As long as the tenants are happy and you have plenty of people trying to rent it you don't need to worry much about repairs. On other hand, if I was you I will look into what are the highest possible rent rates in the area where the property is located and after that it's just a simple math. If you can squeeze $300 a month extra on your rental and get $1500 if its completely redone. That is $3600 per year. In 3 years a $10000 renovation will pay for itself. As long as you can secure financing and stay within the budget. Then is $300 a month extra for you and a renovated place with an increased market value. Even if it takes 4 or 5 years is not bad as well. It will take as long as paying off a car. The difference will be , someone else will be responsible for the payments. Better quality of living = higher rental rates. It is something to consider for the future.