So excited! My fiancé and I just closed on our first investment property in Scarborough ME! Its the firs house of a main road in a beautiful town. After over a year of searching in an extremely hot market we found one that fit our criteria. We paid a little more than what we would've liked to pay, but we got way more than we could have expected, and in Scarborough, you need to have some DRAW.
The prop is a 2-1-1. We will be owner occupying, and trying to get the rents up to market rent (a disparity of about -$300). I would like to put coin laundry in the ultra clean basement to add value for potential tenants. I would also like to add landscaping and some "communal" amenities, such as patio, fire pit and 10'x10' storage unit in the cleaned out basement. Are there any other strategies that you guys would employ to get the rents up? The units themselves are in good condition, without jumping finishes, fixtures and appliances to a new level.
Thanks so much for your advice! So excited to get my hands dirty, to INCREASE value on an already valuable property.
@Nick Burkhardt : Congratulations. The first one is usually the hardest.
Congrats I hope time and my wife are in your families position by end of the year. Are you planing to do anything else this year? Or just waiting till the dust settles?
@Wesley Mitchell Thanks so much! We are dealing with our first challenge; getting longtime tenants to come up to market rates (rents). Excited for the summer in our first home/Investment! Hoping within the next 4 years to go get another one with the equity built through improvements and mortgage pay down. The amazing thing is the next one doesn't have to be an owner occupy if we don't want to. We have options!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing