It will include a compact bathroom, a tiny kitchen area, and a heater—just the essentials to make it comfortable for someone to stay in.

(Previous rent was $1,300 but we're about to put in a brand new kitchen from the studs, new flooring throughout the house, new furance, adding A/C, etc).So do we just pay for it all upfront and mostly drain all of our savings, or do I let the rent pay for it and utilize our other savings to get a second property this spring/summer to increase our cashflow? 

Purchased for $139,999 using a mix of cash and hard money, we revamped it with modern updates, including a new kitchen, flooring, and fresh paint.The property rented for three years, generating steady cash flow of $450/month.

This move-in ready house features a stove/oven, refrigerator, and dishwasher in the kitchen.

I’ve had to widen my search radius to smaller suburbs or target properties needing light cosmetic work to make the numbers work.Value-add opportunities: Adding amenities tenants love, like finished basements or upgraded kitchens, seems to justify rent premiums in this market.Navigating the competition:Be creative with financing: Seller financing or partnering with other investors has been helpful to secure deals when conventional offers didn’t cut it.Work with local agents and wholesalers: They often have their finger on the pulse of off-market opportunities, which is critical in a hot market.For those new to suburban Chicago investing, I’d say the key is finding the “sweet spot” neighborhoods—ones on the rise but not yet maxed out in price.

I renovated the primary bathroom, kitchen, appliances and yard.

Put $10-15K in to get a brand new kitchen, refinished hardwood, recessed lighting, and brand new bathroom.

I renovated the primary bathroom, kitchen, appliances and yard.

Key updates included kitchen and bathroom remodels, new flooring, and enhancing curb appeal.

We don't spend anywhere near that much nor do we go through 2k worth of linens, kitchen stuff or furniture.