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Updated almost 6 years ago on . Most recent reply

User Stats

4
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Michael Valencia
  • Realtor
  • Miami FL
0
Votes |
4
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Rookie Investor mistake?

Michael Valencia
  • Realtor
  • Miami FL
Posted

After months of listening to BP podcast, reading books, and learning the basics I bought my first investment property long distance.  Build a solid team of Realtor, Property Manager,  Wholesaler, & General Contractor who all now know and care for goals and ideas ( they get it, I make money and they make money ).  Well the property was purchased in a historic area 3/2 for $25,000 needing a complete Reno.  It appraised at $150,500 after reno and it was exciting. The GC got to work and luckily only $4,800 later found the entire foundation of house is compromised,  needing a tear down most likely.  I am in the middle of waiting for a few quotes but I am starting to stress out.  I am officially lost and don’t what to do... should I tear it down and rebuild a duplex or triplex? ( it’s zoned for multi family) but I will definitely need a construction loan.  Should I try and find someone to salvage the house? Seriously could use some guidance at this time!

PS- I was planning on using the BRRRR strategy and now I have no idea what to do

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