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Updated 11 months ago,
First move advice!!
Looking for some different perspectives on how to make a solid first move in real estate investing.
Currently living in an inheritance property that is not yet in my name, but I have complete control. Fixer upper. 3 bedroom 1 bath, detached garage that was once used as a studio. Studio has 1 living area 1 full bath and a kitchen. This area however is not livable at this time. I have invested about 25k in renovations for the main home. Another 20-30k would complete the project although it is livable. The studio needs about 15k of its own renovations.
I have 60k in capital ready for new investments.
goals: buy residential homes for long term rentals. Supplement and eventually replace w2 income.
questions: split the property to make it 2 separate rentals? How would I do this legally? Complete the renovations so the current property yields more rent? Use capital for new homes?
thanks in advance for reading the long post. Appreciate any info.