Hi BP Community-Is it prudent to purchase a property that needs rehab before you have locked down a contractor to make the renovations?

My question is... should I just continue to rent and let the equity build or owner-finance and lock-in a sell price and establish a larger monthly income stream?  

Presumably you locked in fixed rate mortgages and so even if rates increase, you are not affected by those rates. 

With cap rates at 6-7% and the ability borrow (and lock in a 30 year fixed rate) at 4%, you would be taking less than full advantage of the timing of your windfall by not seriously considering loans.During the crash, most of the people who got in trouble were bitten by adjustable rate mortgages and 100+% LTV.  

He should be your eyes and ears for everything.

Granted I'd love to lock in a rate with a traditional mortgage but I would have had to wait six months to do so.  

if anyone has an attorney they could recommend that prices well for a smaller situation, I'm all ear.  

This way they can lock in this rate for the new lease.

I would recommend going with a better quality laminate particularly if you are DIY'ing with a click and lock type of product, it will make your life a lot easier.Let me know if you have any other questions.Steve

If you have any experience with cold offers, or even acquiring deals from people who may be resistant to sell, I look to your guidance/advice with open arms (and ears)!