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Needs some Updates

Delaney J

started a topic over 8 years ago

Hey everyone new landlord here. We have a duplex in Maine and I am stuck. We renovated downstairs where we live with was far worst then downstairs. Only problem is savings are basically used up. Should I take a loan and finish upstaires ? If we can't get anyone up there quick I feel that could screw us. Only other option is leave it empty til next year and struggle threw the winter. I know this mite be more of a personal situation but any advise would help. The vacant apartment Isent bad just not modern or up to date and needs some work. Sorry new to this. Haven't rented to anyone before

1 Comment

Ai

said over 8 years ago

If it can get rented without upgrading it, than I would rent it out and work on that one the next change in renters, or use a contract to have discounted rent if they make the changes you were planning. It is definitely a personal choice but I wouldn't put yourself deeper in a hole by taking out a loan if you can get paid for the property and have it fixed. Good luck!