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Updated almost 3 years ago on . Most recent reply
What should I do with this property I bought??
I bought a piece of property for 60K. The property is appraised at 42.5K. It cost 70K to remodel and 36K to replace the roof. I have about 25K in cash. Should I mortgage the property to help pay for the roof and remodel so I could rent it out? I'm not sure which is the best route. This is my first property and I don't want to screw this up.
Most Popular Reply
Quote from @Mark Dawson:
I bought a piece of property for 60K. The property is appraised at 42.5K. It cost 70K to remodel and 36K to replace the roof. I have about 25K in cash. Should I mortgage the property to help pay for the roof and remodel so I could rent it out? I'm not sure which is the best route. This is my first property and I don't want to screw this up.
what was your plan when you bought it?