How far to go with with fixing up a rental property?

4 Replies

So me and my wife have been doing rental properties for 3 years and 3 months now. Usually in the beginning i was doing bare minimum pretty much to get then rented out which realistically most of them have payed for themselves. But maybe holding us back a little bit from really growing with now 1 duplex and 9 SFH’s. Going to purchase more and now stuck fixing up the older ones because really didnt do them right and tight in the beginning so half way through his business ive decided to start doing everything really nice and right and tight. Trying to make them bulletproof and get good tenants in place. From really just decking them out and doing completely right in the beginning. Obviously more money but i think will pay off in long run. Being i wont have to touch them except minor touch ups for say 15-30 years. Whats the right way to approach this? So for example my first ever purchase was a duplex i bought for $16,000 and had $21,000 all into and rented each side for $650 and really it payed for it self over the 3 year period. But now wish just would have did it right and made tight in beginning. One side we did and other was just a mess and still rented out and made are money back. So i believe now just start putting money up front making them really nice and bulletproof to continue moving forward and stop me from holding me back. Thoughts please?

They only need to be fixed up as nice as the neighborhoods they are in.  You don't want to deck out a rental to the nines if the neighborhood is not a great neighborhood.  This is not to say you should use cheap materials. You want your materials and infrastructure to last.  But I would NEVER but granite and stainless steel in the kitchens of my rentals.

I would never put real hardwoods in.. my rentals are not in high end neighborhoods.

@Chris Lynch for sure i never do those things except refinish hardwood if already there and able to do so. I feel like electrical,plumbing and flooring and walls and waterproof everything and make stable and good but not go to far like making where we wont have to touch for another 20 years at last. Feel like when i dont do it right the first time i have to come back and continue to do the stuff i skipped the first time trying to save a buck and i think will pay off in the long run. Whats every one think?

What items in particular are giving you the most trouble and wearing out?

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