Updated over 9 years ago on . Most recent reply
NEW INVESTOR: Buying a duplex
Hello All,
SUPER excited that I am buying my first duplex in Owensboro, KY and have a few questions. First off, here are the numbers on the property:
Purchase Price: $76,500
Projected (Past) Rent total: $1125
Neighborhood: B- or C+
1. Value of upgrades:
When it comes to rental property at what point does upgrading the property (granite countertops, fresh paint, new vanities etc.) pay off with attracting the level of tenant that is going to be good to work with? i.e. If I do not put any money into the place and focus on getting it rented will I attract the same level of tenant than if I put some money into it. (Property is currently Vacant)
1b. IF I do want to put a little bit of money into the place for "niceties" (current countertops are turquoise) to attract a better class of tenant then what should I focus on?
2. What is the best property management software for 2 units?
I work in software for my day job so I would like to use some type of automated software for keeping track and taking payments etc. but it seems that most solutions would not make sense for less than 10 or so properties. If providing 12 postmarked envelopes and using excel to keep track of everything I am OK with that but just wanted to see what people were using for so few units.
I really tried to not ask "newbie" questions and thank you in advance for your response!
Most Popular Reply
@Scott Gammenthaler I would use Excel for a duplex. Im guessing the few purchases you make arent worth spending on software. I would use a basic template like mine (attached).