Purchase price: $320,500 Cash invested: $10,000 Acquired with 0 down. 10k in DIY upgrades to turn basement into a basement apartment (MIL). looking to BRRRR this deal into our next purchase in 2021.

Look for ways to increase rents, maximize the space, and upgrade where you can. 

In 2021, renovated with vinyl plank floors, cabinet faces, lighting fixtures, energy-efficient upgrades, and countertops.

Do you add in costs incurred over ownership for upgrades (paint, appliances, etc that would be added to cost basis when calculating section 121 cost basis)?

Option 1:Live in the whole house -We absolutely love the house and it has lots of wonderful features and upgrades, as well as the basement is completely finished and is beautiful.

We recently did a full kitchen reno, added a powder room and will be putting in a deck this spring on the NJ house.After these upgrades are complete, it’s our goal to refinance our home at a higher appraised value and use those funds to invest in a multifamily property (still evaluating markets).I have a good relationship with my lender so was planning on opening the conversation there, but does anyone have any tips, pitfalls, etc. when it comes to refinancing after making renovations?

I argued to the seller that we wouldn't go higher than $45,000 as they've made no upgrades to the house since they've owned it.

I am just asking because of the $47K in repairs are those upgrades/renovations or would those be "Subject to" the appraisal/inspection? 

Requested new construction incentives from builder (appliance upgrade and money paid towards closing cost).

Requested new construction incentives from builder (appliance upgrade and money paid towards closing cost).