Rehab or upgrade financing

[Anna Holmes]

Hello,  I currently travel for work and rent out 3 of my 4 rooms while I'm away.  I'd like to make some rental friendly upgrades and upgrades In general to my 1910 home but don't know where to start.  Out of pocket is slow lol saving up one project at a time with only one salary.  I already managed a 100 to 200 Amp upgrade.  I have no driveway so I put a down-payment on an asphalt driveway. I'd like to replace all my original windows and Instal mrcool split acs and finish the attic.   

advice?

I'm a travel dialysis patient care technician. 

thank you 

[Bryan Montross]

First, welcome and glad you are getting into the investing side of real estate. Hopefully these insights will help you on your current house. If you are looking to build money faster so you can do more upgrades, I would ask if you could rent out the 3 bedrooms all the time instead of just while you are away and then rent the 4th bedroom as well while you are gone. You might need an owner's closet to lock some things up, but could help you earn more.

Next, I would look at doing more value add upgrades first. Upgrading your electrical service to 200 amps doesn't really increase the value of your home, same as new windows. If the kitchen needs an upgrade or the bathrooms, or flooring then you could add value to the house and potentially cash out refinance or get a HELOC based on the new value and use that for more upgrades. Just be careful with the upgrades you choose because some are great for maintenance and longevity, but not necessarily adding value. If you do have to sell in the short-term you might not recoup all the money you put in.

[Tim Foley]

Quote from @Bryan Montross:

First, welcome and glad you are getting into the investing side of real estate. Hopefully these insights will help you on your current house. If you are looking to build money faster so you can do more upgrades, I would ask if you could rent out the 3 bedrooms all the time instead of just while you are away and then rent the 4th bedroom as well while you are gone. You might need an owner's closet to lock some things up, but could help you earn more.

Next, I would look at doing more value add upgrades first. Upgrading your electrical service to 200 amps doesn't really increase the value of your home, same as new windows. If the kitchen needs an upgrade or the bathrooms, or flooring then you could add value to the house and potentially cash out refinance or get a HELOC based on the new value and use that for more upgrades. Just be careful with the upgrades you choose because some are great for maintenance and longevity, but not necessarily adding value. If you do have to sell in the short-term you might not recoup all the money you put in.

 Great advice, Bryan.  

@Anna Holmes, where in upstate is the property?  I may be able to help you identify quality contractors, etc.

[Anna Holmes]

 Thank you!  The breakers kept tripping that's main reason why I upgraded the electrical box and a lot of diy handyman special upgrades and repairs throughout the years in this house. We are splitting things and adding circuits, there wasn't enough power to kitchen and pantry. Also I'd like to add square footage to house by finishing attic as my space/bedroom so the 4th bedroom can be rented aswell.
Windows are drafty etc and heating through out the house is very Inconsistent.  I really would like hvac or mr cool split ac/heat units...

[Anna Holmes]

 Great advice, Bryan.  

@Anna Holmes, where in upstate is the property?  I may be able to help you identify quality contractors, etc.

Rochester NY.

[Tim Foley]

Quote from @Anna Holmes:

 Great advice, Bryan.  

@Anna Holmes, where in upstate is the property?  I may be able to help you identify quality contractors, etc.

Rochester NY.

 I'm based in Albany.  Let me know if you need any assistance out this way.

[Ko Kashiwagi]

Hi Anna,

As Bryan, mentioned, building cash by renting out the rooms all the time would be ideal. Otherwise you could finance by credit card, bridge loan (use this property as a collateral) or HELOC.

[Erik Estrada]

Quote from @Anna Holmes:

Hello,  I currently travel for work and rent out 3 of my 4 rooms while I'm away.  I'd like to make some rental friendly upgrades and upgrades In general to my 1910 home but don't know where to start.  Out of pocket is slow lol saving up one project at a time with only one salary.  I already managed a 100 to 200 Amp upgrade.  I have no driveway so I put a down-payment on an asphalt driveway. I'd like to replace all my original windows and Instal mrcool split acs and finish the attic.   

advice?

I'm a travel dialysis patient care technician. 

thank you 

What is the total cost of the rehab?