All Forum Posts by: Nick Diecidue

We just put in offer in on our first duplex and have some ideas in mind for changing one side from a 2/1 to a 3/2. With simply adding a wall in one bedroom then cutting out a door in the hallway would add a bedroom for us (somehow sticking a closet in there). Then, the second bathroom is being used as a laundry room with the shower as storage.. besides me lol. By making one side of the duplex a 3/2, will this increase my reappraisal value if I’m trying to do the BRRR strategy? Also, are there any other small hints or tips or boosting the value if we cannot add on any more square footage to the property? Thank you for your recommendations and help! The Diecidue’s

@Darson Grantham The renovation from a 2/1 to 3/2 will increase the rent from $800 to $1200 a month. Do you know how much it cost to install a separate electricity meter on a duplex?

My wife and I are looking to purchase 2/1 and 1/1 duplex in New Orleans, with long term tenants on each side, with a HELOC then refinance after a small renovation. Current rent is 1500 a month total with the landlord paying the water bill. The 2/1 side needs about 8-10k for it to become a 3/2. Right now, Our plan is to wait six months to due the renovation and have the tenants sign a six month lease for the current rent. We are going to inform them of the renovation along with the rent price increasing before they sign the six month lease. Does anyone have any suggestions or recommendations on what other options we can do?

My parents are recently retired and looking to purchase some vacant land in Mississippi. They heard to make an LLC for the tree's on the property, but really have no idea of where to start.

Can anyone help?

Thank you for your responses! Yes, the duplex is a 2/1 on each side an also in a good area. We are going to drive around and start our search on Sunday, weather permitting, to get a feel for what’s out there. As far as the HELOC, we also have enough in our 401k to pay the down payment. Would using a 401k with the intention of paying it back after potentially renovating and refinancing be a good idea?

Hey BP Members!

My wife and I are newbie's and are looking to start our road to financial freedom. We currently live in Metairie, which is a suburb in New Orleans, and are currently looking to put an offer on a duplex that is listed at $175,000 in a medium demand area. We figure we will be able to charge $900/month per side ($1800 total) but also do not know the first thing about becoming a landlord or where to find tenants.

We also would be funding this deal with a Home Equity loan on our single family home. Would this be a good idea?

Any help would greatly be appreciated!

- The Diecidue's