Found great property 21k home value 400k-600k but 2 hours away..
Hey everyone
So, I'm a newbie. My in laws are gifting me with 50k to invest in real estate. I found a nice REO property, that's about 2 hours away from us now. It pretty much fixed up, just waiting for kitchen, 2 bathrooms, and flooring installation. The property has land, and property value of that area is 400k-600k. I figured this was a great investment. Even if I didn't do the installations, I could still resale it at a higher price than 21k, but I would be willing to be invested in the time, and effort needed to get this property as they would call it, "flipped"
Flipping was not my original intentions. I wanted to purchase multi family properties. However, the purchase pricing in my area are fairly high and to find a good deal will also take time. So I decided to see what other ventures I could make.
I wanted to know, if anyone had any suggestions, or advice regarding this purchase, and also fixing it up for resale.
I spoke to a few people, and one person said don't do it because of how far it is, they were worried about not being able to readily pop up and check on the property or contractors because of the time of commute.
here are some pictures