Buying my First Duplex and Need Some Help
I am closing on my first duplex this week and it's my first investment that has tenants. The previous owner didn't keep up with a lot of maintenance items and both tenants have been there 15+ years. The problem I'm having a hard time wrapping my mind around is: 1) Renters are hoarders, stuff everywhere. 2) I need to refi it soon (from Hard Money loan) and so I need to paint inside and out, maybe new flooring, etc. 3) Current rents from both sides total $1350/mo and current market value is $1800/mo.
So, How do I do fix it up with all their Stuff? Should I just fix a few of the safety items and just raise their rates to $900 each side and see what happens? I'm buying for $195k and current market value is $235k. I think anyway I do it on a refi I'll probably have MI anyways. I also use a property manager for my rentals.
I hope my concerns make sense?