How did you buy the property that needed renovations?

Hello BP,  I wanted to share some success stories of three of my clients who bought homes to renovate and then rent out STR-style. 

I was thinking about buying a single family home, renovating it, and then rent it out a year later when I move out.

To get started, consider FHA Loans and conventional loans, and be strategic with renovations and tenant management.

One thing that OOS people don't understand is that Californians have Proposition 13 and our property taxes to up a maximum of 2% a year (unless someone does a significant renovation causing the property value to be reassessed).

A HELOC works like a credit card—you can borrow, repay, and borrow again, making it flexible for ongoing projects like flipping or renovations.

This can be really helpful if you're planning to scale up your portfolio or if traditional financing methods don't work due to self-employment or limited traditional income.Bridge Loans – If you're leaning towards flipping a property or doing major renovations, a bridge loan can give you short-term financing to get the property ready for sale or refinance.

@Jason BoringFor BRRRR's/flips - plan to put 10% down of the total purchase price plus renovation funds when using hard money.

I purchased my first rental property and it needed a complete renovation.

Since you own it free and clear, you will only have to use a little bit for renovation.