All Forum Posts by: Kristin Caras

Thanks @Colleen F.!

Thanks, @Greg Scott! I'd like to do the laminate in the upstairs as well if the cost difference between that and newer carpet isn't too much.

I am looking at a potential rental property, it was built in 1994 and has no cosmetic updates  (wallpaper borders, formica countertops in the kitchen and bathrooms, old plumbing bathroom fixtures, a slightly mauve/brown carpet that is in good condition but dated). 

This is a nice community and there are several rentals, some nicer than others, but I obviously would like to get as high a rent as possible for as little money put in initially. I am thinking the walls need a fresh coat of paint, flooring needs to be replaced with an engineered hardwood or laminate on the main level, maybe new carpet upstairs and updating the bathroom fixtures. There is new carpeting in the finished basement I would leave. The kitchen I think is in good shape as is for now, but eventually I would like to switch out the counter tops with a cheap granite and use the scraps for the bathroom tops.   

The biggest project I am looking at is walling off an additional bedroom in the finished basement (the windows in the basement are large enough to make this a legal bedroom due to the property grading). The basement does have an ACT ceiling so it may be a little tricky to work around that walling it off and I would much prefer to have a hard ceiling in the bedroom if possible rather than the ACT.

My question is - What do you always be sure to update in dated rentals? I'd be curious to know if there is anything I am not thinking of as I am putting together a cost estimate to get this place rent ready before I put in an offer. Thanks!

Thanks @Johann Jells and @Matthew Irish-Jones! I'll be look now to see what I can find out. 

Does anyone have any experience converting a Single Family home to a Multi Family, like converting a basement or garage that has a separate entrance and running utilities to the new unit for a bathroom and kitchen? Any advice or cost estimates if you've done something similar would be greatly appreciated. Thanks!

@Al Pat Facebook marketplace!

@Andy Chen I would agree with @Cassi Justiz and double check the terms of your contact, but I’d definitely pursue finding a new PM. A bad PM will cost you in the long run. I’d suggest checking out David Greene’s book Long Distance Real Estate Investing, he has great interview questions and tips for finding a PM out of state which I’ve used myself!

@Charles Taggart The Richest Man in Babylon is a great idea. I really enjoyed Set for Life by Scott Trench, it has great information for younger people starting out. I’d also suggest getting the books as audiobooks you can all listen to together in the car and discuss.

@Timmesha Shantae Cooper I would visit or call the city hall building and ask to speak with the permitting department...they should be able to pull the history of the property. Also, going through them goes a long way in building a good relationship with the City and their inspectors.

I think more so people will take on huge renovations with no real knowledge or experience of construction and insufficient contingency funds...not the renovation itself ruins a marriage.