Rental Renovation Updates
Our renovations are finally complete and we officially have the place fully rented with income coming in.
The renovations have really come along nicely, fully completed, and the unit is now rented.
The other tenant was away for a few weeks so we took that opportunity to redo the bathroom there as it was needed.
Now with the house fully rented the LLC’s bank account is growing rapidly and it is time to look for a second duplex or single family home to rent. Will post more about that one later, but wanted to have an update.
In all we probably put roughly $30,000 into the place on both sides. Bringing our total investment price to $249,000.00 making our current cap rate: 9.6%
I expect to raise the rents closer to market rents to bring the cap rate to 11.5%
For now we are building up our capex reserves for this house before anything else happens.