Originally posted by @Christian Sobiech:
I would strongly suggest to not invest anymore money into this property, only necessary cap ex and R&M. If it's rented why do additional unnecessary improvements? At the current amount invested 198k and 1500 in income your sitting at .75%, even if you raise rents by 30% you wont hit the 1% marker and thats on the back end after operating it (your suggesting it needs improvements to get these rents?). Granted the 1% rule is very general and if you're in an expensive market you need to aim way higher. You seriously need to take a look at the opportunity cost of your cash. Also be VERY careful with inherited tenants.
Maybe I wasn’t very clear. I will not be doing any improvements. The duplex is in very good shape for a 15-16 year old property. I’m thinking down the road when I raise the rent. I will not spend much either. Now the ‘inherited tenants’ got me thinking. Can you elaborate so the rest of us are enlightened? Thanks Christian and best regards!...Jesse
