Closed on first property last month, closing on second Monday

[Todd Aaron]

Hi everyone!!! 

I've made several posts in the past where I was looking and making attempts to purchase my first property that fell through due to issues found during inspections or not being able to come to terms I was happy with...

The last one I found actually worked out and I closed on it a month ago. I have been running constantly since then and have not had a chance to post on here. 

The property is a 2 bedroom, 2 full bath with a 2 car almost enclosed carport.  The plan is to enclose the carport into a garage, swap a small den (that I think used to be a bedroom at one point) into a 3rd bedroom, remodel the hall bathroom (its pink tile everywhere!!!) and remodel the kitchen (everything - flooring, cabinets, counters, appliances, possibly open up a wall into living area). 

I am looking at renting the master suite out and stumbled across someone interested in renting a room part time so might also rent an additional room like that to them if we can figure out a price that works.

Then I ran across a FSBO in a great rental area... It is small and on a tiny lot. Its a 2 bedroom , 1 bath, with no carport or garage at all, but has a driveway and a pad for a two car carport or garage already. It was a flip that I looked at previously and the girl who did it has access to her dad's crews as he is a home builder. I actually watched this one being redone because I look in this area a lot for homes for sale and saw the subcontractors there constantly. Everything was replaced in the house with exception of the things that were new about 5 years ago including A/C, Plumbing, Electrical Service, and roof... Inside this place it looks like a brand new house, and the outside was redone and repainted. About the only thing left that could be done is some landscaping and building a carport or garage to add value. I am closing on that one Monday. Apparently there were many calls from the for sale sign asking the owner to consider renting it instead of selling it, so I feel like this will rent quickly.

I have never rented anything before, so this is my first couple of steps into this, so I may be asking massive amounts of questions about that soon.