Hi All, I'm buying a double which currently has two, seemingly good, long term tenants (the upper unit has been there for 9 years and the lower for 4). The apartments look they it's been a while since they've had a fresh coat of paint or new carpets, and although I'm not looking to remodel anything, I'm curious, beyond fixing any glaring issues, how much rehabbing of the units would you recommend?
I'm torn, because A.) I don't want the tenants to see me too eager to please their every whim and B.) I'm not looking to spend a whole bunch on money on fixing it up. But at the same time, I don't think its unreasonable for them to ask for minor improvements like fresh paint or whatever since the place is kind of dingy and I'd like to have an amiable relationship with these people.
I was thinking maybe wait a few months, wait for some cash to flow and then put some of that rent money back into the units, this way they understand I'm not made of money that can be thrown around making everything perfect, and by waiting a few month I won't come across that too eager to make them happy by immediately jumping in and fixing stuff up.
Any thoughts?
