Technically I’m Broke…

[Davaris Bennett]

I’m looking at a property that is $36,000 the owner agreed to do owner finance with $4000 down and in existing mortgage of 500 a month. The property is close to a college and has many things that are attractive around it however it is going to take about $10,000 to fix it up. 4k is all I have left in savings at the moment also 😅. My intention is to do a sort of soft rehab and get a renter in for about $1000 a month. Has anyone ever done something like this and is this a bad idea?

[Jay Hinrichs]

just a suggestion.

but this could be a situation were you keep your 4k liquid so you have reserves etc.

go ahead and get one of those on line loans  like prosper etc that tend to have lower rates than CC .

get enough so you can for sure make it habitable but do keep in mind refinancing with that low of loan is very hard to near impossible.

so make sure you keep powder dry to pay for the payments and upkeep of the property.  this is a good way to start your rental ownership career just be

aware that rentals = work and you must stay right on top of it.