After months of listening to BP podcast, reading books, and learning the basics I bought my first investment property long distance. Build a solid team of Realtor, Property Manager, Wholesaler, & General Contractor who all now know and care for goals and ideas ( they get it, I make money and they make money ). Well the property was purchased in a historic area 3/2 for $25,000 needing a complete Reno. It appraised at $150,500 after reno and it was exciting. The GC got to work and luckily only $4,800 later found the entire foundation of house is compromised, needing a tear down most likely. I am in the middle of waiting for a few quotes but I am starting to stress out. I am officially lost and don’t what to do... should I tear it down and rebuild a duplex or triplex? ( it’s zoned for multi family) but I will definitely need a construction loan. Should I try and find someone to salvage the house? Seriously could use some guidance at this time!
PS- I was planning on using the BRRRR strategy and now I have no idea what to do
