I ended up spending a lot of money on both of these repairs, because I had to get a large portion of the main sewage line replaced.

There’s not really a lot of value add opportunity or sales comps in this space for our area.I typically (BRRRR) purchase fixer uppers with cash, fix up, rent, then refinance on a DSCR and get all of my money back.

The smaller properties are still growing in terms of prices and rents - which have both gone up actually since covid. 

Quote from @Clayton Silva: Quote from @Jeffrey Blackman: Quote from @Clayton Silva: 2nd position HELOCS on investment properties are typically capped at 70% LTV and have rates ranging from 9-11% just a heads up unless you use a local credit union where you have cash on deposit with them. 

Quote from @Paul Lucenti: What's up everybody Me and my wife are looking to buy a house out in Suffolk.

Either way, I am willing to jump on a good deal in either market if the right thing comes up. 

However, I had to subordinate the sellers note to 2nd position (hint: set up that language in advance to streamline the process, if that's the direction you're going to go).Since the ARV was high enough, and the potential income would support the mortgage and expenses, it all worked out. 

Instead, as with a lot of south Florida wholesale deals- we ended up replacing and having to fix things that were covered up and two years later she was ready to go.  

ALSO, You can buy your personal home that is a rehab, fix it up then live there for 2 years.

The AirBnB is irrelevant, since if the studio is illegal/not up to code, you can't do short term rentals anyway.