Best home improvement option for me?

[Christopher Nichols]

Here is a little bit of background...

I purchased a ranch in North Framingham MA at a very good price. I am trying to get about 50,000-70,000 of financing to make home improvements to get the house ready for rent. For anyone that knows this area they know how desirable it is. I have entertained the idea of a HELOC but am skeptical of the ambiguity.

As for my personal situation.... I have no experience in real estate, I am a 22 year old truck driver, and I would like to have the home rented for 10 years or so while I live out of my truck, I do have family to watch over the home.

Information

Purchase date 02-22-22

amount owed- 280,000$

Property value before work- 410,000- 500,000$

Property value after work - 500,000-700,000$

monthly mortgage-1,875$

interest rate 3.15

Personal....

Debt -0

credit score 740<

income 90,000-100,000$

I really appreciate anyone that can send some ideas my way..

[Bryan Devitt]

If it is original like most of the slab ranches in that area, it needs a kitchen and bathrooms. All of the plumbing is inside the concrete, some of it might be corroded already. The drain is cast iron and also in the slab, you'll want to get it scoped. A lot of them are cracked or clogged with wet wipes these days. How is the heating system? Is it original baseboards with the pipes in the slabs? They're very inefficient and can be swapped out to an air handler setup in the attic so you can have central air. Call up Mass Save and have them do an inspection, a lot of items they can give 0% loans on and steep discounts. Don't do insulation until everything else is done, they'll do blown in and it sucks to work with if it is done before. Great first investment BTW, that area will only continue to be more desirable over time