Originally posted by @Kellen Bradford:
I do feel like it's a lot of work. And I am a Lowe's employee and get great deals on home improvement items. Just did 1000sqft of wood flooring in my home for under $200. so hoping me working there cuts chunks out rehab fees. Me and 2 family members of mine would do the work.
I will most likely start off with 1 or 2 at most than stay in 1 home while working on both. Than as soon as both are rented out I will move on to 3rd. My question would be what loans could I pursue if home loans are less than 40k? I'm really trying to learn and explore my options as I won't be putting my home up for sale for another 6 months and could easily take another 3 or more to sell. So I have time to devise a plan.
Depends on the market. If those units in that price are around next year, then no. If the market is going up, which it is, and you can afford it, yes. But don't over pay.
I'm not sure how many empty units we have waiting to be refurbed, maybe 4 at the moment, but do you think I'm going to pass up ridiculous underpriced houses because I'm not ready to renovate, heck no.
One house that keeps getting pushed back down the list, bought for $20k two years ago, rents with a caretaker tenant for $300, that covers costs, and it's appreciated in its current state to probably around $35k already. It has maybe $15k of work required, and the neighborhood is now approaching the $80s again. Why would I not buy it. Finished, rent will be approaching the $800-900pm mark.
Admittedly one house we bought for $15k was done for sport. Someone pissed the wife off badly so she wrote a $15k check that afternoon to spite them. But again, it's worth more than she paid, and when it's finished its up around $50k, not the greatest neighborhood, not the worst either, but at worst, it goes on s.8.
