Hey everybody!
My name is Mike, I’m from southern New Jersey and I have a question about my real estate strategy.
My plan is to buy a SF property in need of rehab. I'm not looking for a huge renovation but something that needs the basics. My idea is to find a property in the 150k range with about 35k worth of repairs. I planned on financing through an FHA 203k loan.
My expenses would be somewhere around $1600 month and I have a friend who wants to move in with me. I would like to occupy the property for a year, then rent it out, and repeat the process.
My main goal in real estate is to eventually buy apartments buildings. I would like to buy and renovate sf for the next few years in order to fund that vision.
So my question is, is this a valid strategy? Would you do anything differently?
Thank you all!
