Hey BP Community!
I'm a new investor in the Twin Cities having purchased my 1st owner occupied duplex this past November, and I'm happy to say it's going well so far. I'm looking for some advice on how to prioritize improvements on my property for this year with a fixed budget. See below for specs and list of possible improvements as I see them. Any advice would be helpful, thanks!
Specs:
Owner pays:
Monthly mortgage: $1493
Utilities: $500/mo
Rental Income:
Unit 1: $1,850
Unit 2: $1,000 (available at the end of the year when we're planning to do our 2nd house hack)
House Projects:
- Repair/replace old windows, some have rotting outside wood. Quoted at $5000 for 3 windows. I have 25 windows.
- Garage is dilapidated and needs new doors framed and installed, bottom plate installed, new siding. Quoted at $5000 to rehab the garage. Currently can't use for parking because the doors are facing the yard (there used to be a driveway but driveway is gone and now alley is behind the garage).
- House needs painting (I'm not seeing this as a pressing concern necessarily--could wait a few years).
- Facea needs fixing and painting.
Budget: $5,000
We've already put in $4,500 for many cosmetic repairs. All of these these things have clearly been issues for a while and they could continue to be issues without creating too much of a problem for the next several years, but I would like to invest some $$$ to preemptively make improvements as opposed to waiting until something falls apart and potentially having to owe more later on. Obviously, as time goes on my repair reserves will build and I can invest more in these things later on, but I'm wondering what would be the best "bang for my buck" right now. I'm leaning one way but with an abundance of counsellors there is wisdom, right?
I'd appreciate any advice.