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2. What about the renovations makes the apartments more rentable? Are they gaining beds and/or baths? Are the generally getting nicer?
Adding $925in rents would add about 90 100K in value where Nike Gilet Black
poor performing rental and turning it a great performer through rehab. The biggest benefit in my eyes in not the extra money you make in being able to charge more for rent, but the fact that you will be attracting a much "better" tenant. Someone that will appreciate the work you put into the house and is willing to pay a little more to live in something that has been cared for will most definitely be a tenant that requires less of your time and attention, and will most likely pay on time, and in full, and might even set up automatic payments direct to your bank account. How accurate are those renovation cost estimates? Have those been verified by 3 or more contractors?
Hypothetical house 3: $2100 $2200 per month rent, $150 $200 cashflow1. Renovations, rough but fairly accurate
How much more will the places be worth after the renovations? The other possibility is refinancing both places and pulling some cash out if they are now worth a great deal more money. I'm not sure how Canadian appraisals work, but they could use the "income approach" as an easy method of showing how much more the place could be worth. Upgrading house 2 would give you the biggest bang for your buck. It would also allow you to see if the area can absorb your rent increase and if you are still attracting the same "type" of tenants. The other possibility for the money would likely be purchasing another house, something Nike Grey Leggings along these lines.
I invest (maybe more maybe less in your area). Check to see if there are comps that support the upgrades. You don't want to spend $70K on renovations to only add 35K in value to the properties.
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2. Renovations would add a bedroom in house 1, and build out the suite in house 2 (+1 bed + 1 kitchen)
3. Yes property manager would be there, so 10% of the $925
Should I renovate now to increase my rental income
3. how much do you pay your property manager? Do you expect your insurance rates to go up?
So I guess now I have 3 options; a) renovate both houses b) renovate house 2 c)Look for and buy hypothetical house Nike Sweater Without Hoodie
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