BRRR with existing tenant and house needing work
Seeing if i can get some strategies or thoughts from the group. I have a home with an offer back to me and here are the numbers. 95k ARV. Price is at 53k right now, i think the roof is shot and some exterior siding will need updates for insurance companies to even insure the property. So 6-8k of pure exterior work. The inside has some ceiling water damage from the roof leaking in a centralized area and then it's just dated and simply needs a cosmetic rehab. It's an ideal brrrr house as we could get it priced right rehab and keep our numbers right. I own 2 in the area and if i get all in under 75k I can get 100% of my funds back. Issue is there is a tenant, they pay on time which is great, i "kinda know them " so going in day 1 and giving them the boot would be messy and I'm not a fan of that. They have 2 big sloppy dogs as well. No way I rehab the house with those dogs. Any thoughts ?