If you have a budget of $250,000 , I recommend finding a home in Austin that needs cosmetic work.

I’m back and fort on a deal that I can afford to pay cash for, but it needs cosmetic work done!

Mostly cosmetic/updating, although inspections turned up low water pressure in the well and a seized compressor in the HVAC unit.

So I am purchasing my first property with hard money and want to see what everyone thoughts are on it and any advice for the first buy/rehab/refinance/hold.PP 125kRehab 15kARV 180kHM int rate 12%, 2 pointsRehab is cosmetic, good foundation, roof, AC.Thought this would be a good start since there are no major rehab and low cost point.

"turn key" for a lot of owners means cosmetics only. look at the windows, are they vinyl double hung?

I Just signed up for BiggerPockets this is my first post, I’m new to the industry but yet willing and ready to learn more.I’ve been looking at a property that I can pay cash for, The property isn’t expensive and only need cosmetic work done.

And, the other being handyman/photographer plus adding some rehab in, if they can afford it, and then getting a reappraisal.With the first approach, let's say the owner is selling for 100k because they think that's all they can get, but then someone comes in and offers to visually/cosmetically get the property in order and put it back on the market for even $5k or $10k more, then take some cut of the additional profit.The second approach is the same as the first except the owners also have some money to put into rehabbing certain portions of the house that need it and then getting a reappraisal.Forgive my newbie mentality, but, like I said, I'm thinking creatively. :)

Routine buy through an agency How did you finance this deal?

A lot was cosmetic.

Purchase Price: $1,410,000Financing: $1,125,000 assumed CD @ 5% interest only, 4 years remaining on term ($285,000 down payment @ 8% interest only, to match CD term of 4 years - privately raised)Income: $164,016 Monthly income breaks down as follows: 11 2-bedroom units @ $795 each, 6 1-bedroom units @ $695 each, 1 studio @ $541 each, 12 garage stalls @ $50 each, ~$200/mth laundry incomeVacancy (5%): $8,201Gross Income (after vacancy): $155,815Taxes: $18,000Insurance: $7,000Maintenance/Repairs (3.65%): $6,000Utilities: $17,000Property Management: $18,144 (1/3 first month's rent for each unit + 8.75% management fee)Total Expenses: $66,144Net Income: $89,671Debt Service: $79,450 (this accounts for 5% interest only CD/8% interest only down payment)Total Cash Flow before Value-Add: $10,221DSCR: 1.13Purchase Cap Rate: 6.4%All units are currently under-rented, and they should only require very light cosmetic work to turn.