Equally Nervous and Excited!!
Hello BP Community,
I'm a newbie and I've just signed my documents for a HEL. I own my home and I'm going to use funds to improve my own home and if I can find a good deal, a down payment on a rental property and/or primary residence. I'm just excited since I feel like so far I've been studying and researching REI, but now I'm moving in the direction of my goals. I feel like I've taken action and I'm just excited and wanted to say it on the forums for some accountability.
I have some plumbing that needs some work and will take about 10K, and I'd like to do some updating to the kitchen. There are properties of my older, established neighborhood with updates that rent for ~ $1300-1400 a month. There is also a concert venue that opened blocks (walking distance) away that has allowed for some people around my neighborhood to Airbnb for 150 to 200 a night (They are doing 3 day festivals every few months so I could stay with family for extra cash flow). Advice from fellow BPers wanted: Should I update my kitchen with granite countertops and new cabinets? Or is it better to just paint and update current cabinets? I don't see this as adding value for increased rental rates, but I could be wrong? Opinions please? My plan is buy and hold but resell value is important as well obviously. Any advice is welcome.
Thanks!!!