My question: how do I start?
Background: 44 y/o, the SFH went to me for sole ownership after my recent divorce; Line of credit: 40K used during marriage and 67K left; I currently have tenants while I'm abroad and not planning to return to the U.S. for another 1-2 years. I was abroad when we purchased our first home, so I missed out on learning about the entire research and loan/purchase process. All I know is how to make the mortgage payments. Now, while I have to start afresh as this career is approaching sunset and my new goals have me wanting to include a REI as this stream of income.
Current: I found a decent sized single level house that I want to purchase. My intentions are to completely change the floor plan away from all this “wasted” space into 4-5 rental bedrooms and begin renting the rooms out to college students at a nearby college/university. I did some comp research and it seems there is a market for additional goals such as this...even allow for a modest cashflow for my "first" home purchase.
How would I get started on finding out if this is plan is even possible? Who do I need to contact? I need some basic help thru the purchase and rehab process. Yes, I’m interested in meeting the right people, but not right now. I’m more interested in just learning the process for my own personal development and then we'll build the network.
Please help me out BP family!
