Good afternoon! From long time want to invest but I am always not brave enough. From couple weeks I am educating myself but still do not have confidence.
I am from small city in Virginia where mainly live from tourist - we have hot Springs, and the oldest resort - Omni Homestead. Houses are here very expensive, historical, and more as a cottage style.
however close by there is house selling for 89.000$ which need major renovation. Simillar square feet can sell here for even 300.000$. I am thinking more about short time rental- tourist are here every day.
becosue l never done that before I am not sure if that is still a good deal.
what kind of loan ? What strategy would you have for the beginner ?
Where are you talking about? Are these $89K homes a century old? If so they are very expensive to renovate. Personally I won't buy them. I don't want to flip them and don't want to own them as rentals. If you can share some more details we can give you better suggestions.
Congratulations on getting started and welcome to the BP forum.