Happy new year BP fellows. Hope you had a great 2022 and an even better 2023.
bit of a background, wife and I are investing out-of-state (AZ) for the past year, we have 2 properties/3 doors and all is pretty much running smoothly. At the same time I keep an eye over in-state opportunities and I feel an opportunity is close but it's our first BRRRR/major rehab and the risk/thoughts of "what if" hold us back. I do recognize the huge benefit down the road.
We found a ~3200 sqft single family 4/2 (manufactured, affixed) with a 1/1 casita and a garage on a 0.5 acre in a great location.we toured it and it needs A LOT of work. a handyman (by the wholesaler) ball parked at 55k but I think he was conservative and it's more like 80-100k.
Idea is to make it a MTR for traveling nurses by converting to 3/3 and with the casita it'll become a 4/4 with private showers for each room, large shared living area. Garage also has potential but not thinking about it now. Also, for short family vacations in between leases and perhaps a place to move in the future.
As for financing, obviously thinking getting it below asking - ~150-170k, using a hard money lender/private lending, use an existing HELOC for the rehab, rent and refi into a 30 years conventional or a secondary home. projected ARV is between 400-450.
My thought process is to first get it moving - see if our offer is accepted and take it from there, using the 2 weeks for getting bids and verify MTR rent assumptions. Also thinking about partnering with a more experienced investor.
I'd appreciate power-tips for major rehabs on the first try, mindset and mentoring advice.
Thank you and happy new year!
