Renovation a Rental
Hello All,
I will be purchasing an investment property in which only one of the 3 apartments is need of a total gut renovation; walls, electric, pluming etc. (built in 1930). The estimates I received for the job will cost close to 40K all-in, after wards I can rent the place for 2K a month. Although the renovation cost for the apartment is high I will recoup the money spent in two years' time and from there is all cash flow at 24K a year. I really feel the ROI is totally there however members of my family who btw are not experienced in RE don't feel it is. Can I get some feedback please?