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Updated over 4 years ago,
Military couple jumping into a live in flip (PICS)- also COZY.CO?
To give some backstory, my wife recently medically retired out of the Navy, and I am still active duty USMC. We met in Norfolk, Virginia, and now live in Jacksonville, NC. Before our marriage, my wife bought her first property in FL close to family. It's a new construction home that she got under market value that shes renting out. Now, we are using the rest of her VA Loan to buy a house where I'm stationed. It needs work. But luckily, the sellers were also retired military and gave us a great price at 145k, with 10k concession to use towards closing costs and updates, with a 2.75 APR. It's a 3 bed, 2 baths, 1340 sq.ft., on a 0.25 yard. Using the 6-7k (after paying closing costs), we plan on starting some remodels. Below I'll post a link to pictures.
https://photos.app.goo.gl/Djiu...
What do you guys think we should prioritize first? We’re thinking the kitchen- knocking down that wall where the fridge is at atleast halfway to add a tall barstool area and open it up a bit. Then update cabinets, countertops, the good stuff. Move the fridge to the other side and add a pantry to the right of it. We’re trying to make a decent list of contractors in the area we can speak to on Monday to get some estimates. Also really wanting to update the floors, not too sure if we’re going to go vinyl or tile, vinyl is a lot more cost effective obviously, but not sure how it will hold up with tenants in the future- any good/bad experience in this department? When it comes to painting, we want to get rid of all the wallpaper and paint through a neutral gray tone that should match with any furniture we (and future tenants) decide. Landscaping is another hurdle because we want a blank slate to do what we want.
We’re young but like to learn from others mistakes and take advice to heart. Any recommendations will be appreciated. Also, side question, what property management software do you use? The wife is looking towards cozy.co, but we saw its merging with apartments.com and not too sure how that’ll change the current layout and usage. Is the background checks useful? Is it a good tool to collect rent?
Again, thank you for any input.