This is part 2 of the series, "I'm not going to live there so I'm not going to pay for ______." From biggerpockets. View original article here:http://www.biggerpockets.com/renewsblog/2014/05/11/upgrades-vs-home...
As new investors, especially in low income neighborhoods there is a mindset that some people suffer from called the "I'm not going to live here" mindset.
There can be times when it comes to spending money on a renovation, where this is a perfectly valid mindset but many times it can lead new investors to giving a subpar renovation, thus attracting subpar tenants.
Related: Have Some Pride in Your Low Income Rentals!
Part 2 of the series focuses on some strategic times when this mindset can do more harm than good when it comes to capital repairs and how resetting your mindset to view every expenditure through defraying long term maintenance costs and protecting your asset, should be the ultimate determining factor for what to spend your money on for renovations, especially for buy and hold investors.
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