PLEASE ADVISE ON EXPERIENCE - RENTAL TIPS NEEDED
Hey BP family,
I am acquiring a 4 unit at a discounted price ( and yes, I did the numbers, Cash-flow, Cash-on-cash ROI, Cap Rate above 7% and planned for all expenses with the Rental Property Calculator and tips from @Natali Morris Podcast 165) and I am still cash-flowing about $400/mo. But I need to do some minor work to the property so that I am in good standings with the upkeep from when I get it moving forward. The flooring currently has some thin ( prob cheapest ) carpet that ripped off rather easily. The unit I will occupy is empty right now and I requested it not to be filled since I will move in for the first year to take full advantage of the FHA financing ( I will still pay rent to myself to keep my finances and numbers on track).
Do you guy find carpet in rental more cost effective than Laminate flooring? The traffic is not that heavy in the units since they are 1br/1bath/1kitchen, 550sqft units. The weather in Michigan would also factor in I'd guess, we get a little more snow than most places and the property is on a lake shore pretty much.
Also, the old owner had the utilities all included, and I am not a big fan of that. What cost effective splitting strategies would you guys recommend?
Thank in advance for all your help.
Yours in success,
JF