I'm interested in BRRR as a strategy. Being my first attempt, I am looking at the group for advice. I purchased 2 duplexes. one unit is not rented so I set something up on craigslist to rent it out, but then started thinking I should BRRR the units as they become available.
This being my first time, I have no idea what I should do.
What would you do to a unit like this to increase the value. The homes where built in 1962 and looks like very little was done to modernize them.
I would appreciate any and all help.
@George Genovezos FYI the link you shared is the edit link, so I could literally delete your post.
You should post the public facing link instead.
Fixed. thank you...
Great! Now, have you looked at units in your area with higher price points? What is different between theirs and yours? Obviously the kitchen could use a touch-up. Pull the carpet, go for hard wood instead (in my area the "NYC loft" look is quite easy and popular for the higher priced units, and obviously not much work since almost everything is "exposed")
But all in all you'd keep with the theme of the area I'd supposed, matching the conditions of the units whose prices you'd be trying to match.
this could be a great time to rehab; the unit is certainly older. Best way to make the decision is based on numbers.
How much would you spend and what would that do to the rent you can collect?
@George Genovezos , I meant how much will you spend to rehab the vacant unit (ie $15k) and how much more would you be able to charge per month?
Yeah 10-15k per unit. as for monthly charge, I would have to dig into that. Any good places to get comps?
craigslist / trulia / zillow
rentometer shows 1091. Zillow has from 900 to 1800.
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