All Forum Posts by: John Prunier

I'm in a bit of a dilemma. I purchased a two family about a year and a half ago. I inherited the tenants above me and they just notified me that they are moving south so they will be out January 1.  It is bad timing as I am closing on another multi-family on December 18 as an investment property. I want to get their unit ready/rented but would like suggestions on how other people have done it.

When I purchased the two family the units are livable but definitely need work. I redid my entire unit (minus bathroom since it was already done). Knocked down a wall to one of of the bedrooms to create an open concept kitchen/family room (changed the original family room to a bedroom), insulated those walls, drywall/plaster, new electrical (all knob and tube), moved plumbing in the kitchen, new kitchen, painted every room and sanded/stained the hardwoods.

Options for the unit the tenants are moving out of 

1) Cosmetics (1 month - Rent out February 1 or sooner)

- Paint rooms

- Sand floors?

- Take out closet in the second floor hallway? Currently you cannot get a couch or box spring up the stairs. I think this would be a deterrent to rent. Has anyone else had this issue?

2) Renovate (2 months - Rent out March 1)

- New bathroom 

- New kitchen/open floor plan and change current family room to a bedroom (I would not gut it to prevent costs of re-insulating (already blown-in), new electrical and extensive drywall/plaster work).

- Paint

- Sand floors

3) I move upstairs and rent out the unit I'm currently in. I can start showing my unit now and get it rented before. I would get higher rents as I did it on the higher end side but I also like it/pain to move everything and do not want a tenant to ruin it. If I went this route I would likely redo the bathroom before I moved in and then gradually do everything else.

I appreciate any feedback. Thanks!