So I Have Decided How I Am Going To Get My Real Estate Career Started. I Am Going To Sell My House.
I have been working on a way to get funds to purchase my first Buy and Hold property. I tried getting a HELOC through my Credit Union, but that fell through because only my wife is on the title. I then went trough a mortgage broker to do a Cash Out Refinance, which also would have added me to the title, but the appraisal came in far lower than I expected.
To make a long story short I thought about all of my options with my wife, and we came to the conclusion that the best option of us right now is to sell our home. This is what we came up with.
- Refinish the cabinets in the Kitchen and add Granite counter tops as well as add a new back splash. I will also look into making room to add a dishwasher as the recently sold comps I looked at have both Granite and Dishwashers.
- Fully Rehab the master bath leaving only the tile on the floor, seeing as the prior owner installed the whirlpool tub backwards and the also bring the 1/2 bath up to date.
- Add recess lighting in the living room
There are a few things that i can salvage like the hardwood floors that are in great condition. I am looking for an ARV of 125k. The comps I looked at ranged between 125k and 150k. They all are about 1 mile away and sold between 30-90 days ago. We Purchased the home for about 70k and I am budgeting about 15k worth of work just to be on the safe side. The plan after the sell is to find a small multi-family home to move into using a low down payment FHA loan, and look to purchase another property using any funds left from this first sale.
So I am looking for feedback to our plan. Has anyone else tried this? How did it work out? Any and all feedback is appreciated.