Finally got my first investment property!!

[Nicholas Smith]

My fiance and I have finally accomplished buying our first real estate property. It will be a live-in flip. We purchased it with an FHA loan. I wanted to know what people think about our plans.

The house is in Jonesboro, GA. It is a 2,200 sqft SFH with 3 bed 2.5 bath. It was bought for $110,800 with an appraisal of 121,000. The renovated value is estimated at $148,000. It has a 1,100 sqft unfinished basement as well. It has a half finished full bath and has possibly another bedroom and family room as well.

Our plan is to DIY as much as possible with my contractor dad. Do you think it will be smart to start on the basement as the first big project and try to build more equity into the home and then in maybe 2 years sell the house?

[Nate Watkins]

I wouldn't start any work on the basement until you know the market will value the finish. Many people overdo the basements and later discover it's a superadequacy for the local market.