New to BRRRR. Can I add value w just exterior renovations?
I am looking to buy my first rental property and BRRRR in Cleveland. A lot of the deals I liked seem to already have been newly renovated and fully occupied. This does seem nice bc I am new and these would be relatively easier for me - since there isn't a lot of work involved. But I am not sure how much value I can add. I have $50-60,000 in cash I would like to use towards acquiring rental properties, and I would like to be able to refi / pull out my principle / "repeat." I have a goal of making $3,000 / mo or having 10 doors, and "repeat" feels like a pretty key part in reaching that goal with my starting capital (haha)
I was thinking that maybe I can just add value to the property but touching up the outside / exterior - landscaping (cutting down trees, planting new plants, etc), exterior paint, repaving the driveway, etc. But I was wondering:
Would I be able to add 25-35% in value to the property just by renovating the exterior alone? I am using 25-35% since that is what I would need to get to "75% of ARV."
Please let me know if this is possible. If so, I may end up pulling the trigger on my first property sooner rather than later ;)
Any insight will help! Thanks BP!