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Updated about 3 years ago on . Most recent reply

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Multi-Unit Property purchase question

Cynthia Anderson
Posted

I just purchased property with two structures -   one is a 1 story 2/2 older manufactured but very nice and refurbished.  The other is a 2 story stick built 3/2 with garage and RV (or large boat) garage.  Decent area.  More than a peek of the ocean in Brookings, OR.    The owner wanted out quick due to life situation and priced if (I think) under.    $515,000.    He had several offers today but took mine.  I offered $520k with him carrying 100k for 4 months.  One renter moving ($1400) and the other unit could be rented $1900 easy.  OR I could do short term Airbnb once I get license.     HOWEVER I am thinking of doing a spruce up -  the bones are good, so I'd do new flooring, painting, fixtures, landscaping, cleaning, upgrading sinks, etc. (maybe $10k total) and then sell it for around $600k+.   I am not too afraid that it will be hard to finance due to the manufactured home because there are people to pay cash.  Does that sound like the best idea?  Doing a flip in about 4 months?  Please advise as I want to try a flip vs. rent.... Thank you for responding (first post)

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