@John Teachout
I m on the same boat right now.
I want to grow my portfolio but financing is a pain in the butt....
I have the opportunity to purchase 2 properties but they are so cheap!!!!
I see at best a great learning opportunity
Here is the scenario
An opportunity just came up for me to purchase 2 separate bank owned properties in a rural area where I grew up. The neighborhoods are not war zones but just really tiny towns.
🏠 1 -
About $3000 with double closing cost total purchase of 5500
894sqf -- 2 bed 1 ba on about 1-2 acres of land (will have to do a survey)
Will need about 20k worth of work
Can rent "if it does" for about 550-650
I would give out more comps buy it's a very small farmer town of about 1300 people so none really exist.
🏠 2 -
About $10000 similar closing costs about 2000.
1168sqft -- 3 bed 1 ba on about 1/2 acre along with a large shed that could be a mother in law suite.
The house has been completed gutted and ready to build a new. Will need about 30k worth of work
Can rent for about 650-850.
They just build a new hospital in the area so this city has a little bit more potential.
OPPORTUNITY
I have primarily been a buy and hold investor who s done cosmetic updates. In the past 2 years I have learned a lot about basic cosmetic repairs (I know how to do doors, floors, framing work, baseboards, trims, etc...).
I see this as an affordable way to learn how to do more challenging renovations.
I would love to be able to invest in a flip here in Dallas but lack the confidence and experience. This could be an opportunity to develop both.
