Loading…
26
Pulled $60k out of my duplex in Boise last spring and the place looks totally different now
I did a cash out refi on my duplex in Boise back in March, took $60k out at 6.75%, and used every dollar of it on the units. Before, both sides had the same 1980s brown carpet, one dead furnace, and a roof that leaked over the back porch. Ten months later I've got new LVP floors, two new furnaces, a new roof, and I raised rents from $850 to $1,275 a side. The monthly payment went up $410 but the rent bump covers it twice over. Anyone else here use a cash out for repairs instead of buying another property, and did it work out the way you planned?
1 comments
Log in to join the discussion
Log In1 Comment
sean_walker4524d ago
That rent bump from $850 to $1,275 is the part that matters most. A buddy of mine did something close with a fourplex in Nampa around 2021. He pulled about $45k out and put it all into kitchens and baths, and the units sat empty for almost four months because he tried to do the work himself on weekends. He lost around $12k in rent waiting, which ate into his first year pretty bad. Once it was done though, rents went from $700 to $1,050 and he was fine after that. The numbers worked, he just wishes he had hired it out and gotten it done faster.
0