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.
Complete renovations to have two units. Call them A and B or Front and Rear. Add a mailbox and you're set.
Are you borrowing to do the renovations or at the end will you have two paid for rentals? Either way it's a good start.
Quote from @Melanie P.:Thank you for the reply! I have capital set aside. I am debating whether to use a large portion of it to complete the renovations, or look for other deals on the MLS.
Complete renovations to have two units. Call them A and B or Front and Rear. Add a mailbox and you're set.
Are you borrowing to do the renovations or at the end will you have two paid for rentals? Either way it's a good start.
Quote from @Juan Bonilla:
Quote from @Melanie P.:Thank you for the reply! I have capital set aside. I am debating whether to use a large portion of it to complete the renovations, or look for other deals on the MLS.
Complete renovations to have two units. Call them A and B or Front and Rear. Add a mailbox and you're set.
Are you borrowing to do the renovations or at the end will you have two paid for rentals? Either way it's a good start.
In my opinion use the cash now to renovate. Interest rates are supposed to go down 0.75 this year so borrowing will hopefully be a bit cheaper when this project is complete and you're ready to take on another.