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Updated over 8 years ago,
Rental exit strategies?
Hello BP my name is Carlos and I'm new to real estate and BP. My plan is to purchase a duplex or triplex and rent it out and gain positive cash flow, hopefully. I'm still on the hunt I've been listening to BP pod casts and simply learning, but theres one thing that sticks in my mind and I don't seem to have one is a exit strategy for renting duplex/ triplex. I mean my plan is to buy a property that needs "minor" repairs aka upgrades. New floors, cabinets, paint, doors, but nothing major such as foundation issues, plumbing, etc. With those upgrade done I would be able to collect a higher rent to new tenants and hopefully increasing the ARV.
So to me renting seems to be the only thing I could really do, and reselling it seems to be the only exit strategy available to me.. Are there any other exit strategies?
Also I would rent out any garages, parking spots, attic and basement for extra storage, sheds, laundry, etc.. Is there anything else you would do or come up with to increase cash flow?
Thank you for helping me and guiding me in advance.