All Forum Posts by: Benton Rochester

Hey all,

Here’s a question for you, I’m spending about 10k updating a property I just purchased.

I have 6 showings this weekend but the carpets aren’t in, the blinds aren’t in, the dishwasher hasn’t arrived and the new paint isn’t on the cabinets.

I can have this done by December 20th or I can find a renter before the updates and promise them updates.


I think I could rent it for more after these updates but I don’t want to risk scrambling for a tenant between xmas and New Years.

What do I do? I could rent to the guy who wants a 6mo lease and then jack up the rate. 

I figure a full months rent at 1775 is better than 1875 a month later (something that would take 18 months to recoup).

how do you all manage updates within such a tight time frame?

Hey Varinder, do you have an update for us?

I'm in the process of buying a property now that is in rough shape but has a massive backyard that supports an ADU. I was going to also take out a HELOC and build 680sqft 1bedroom with full kitchen/bath. My cost is looking at 160k from ground up.

I figure if I can rent it at 1% or more of the mortgage, I'm safe.

Hi, I'm under contract with my first income property and it's a bear.

Basically, it's a house from 1910 in bad shape (low ceilings, uneven floor, strange cellar/basement, tiny rooms). it's about 1500/sq feet in Old Town. It's a wonderful location but the house is rough.

My math puts me at a 3% Cap Rate, 5% ROI, and -$300/month cash flow.

Here's my plan:

1. Rent house as is for $1600/mo (less than prior tenants because the house is getting worse). 
2. Divide lot and pay 150k to put a nice studio apartment/ADU that I can rent for $1500
3. Now I have $3100/mo income on about 250k down but the primary house is just asking for crack dealer type renters.

My fear here is how you push an old house long enough to get the value out of it! It's probably looking like a scrape job down the road which scares me.