About to buy our first fix, rent and refinance.
Hello everyone,
Me and the wife are about to buy a small single family home in Richmond or Newport News VA. We have just over 100K in cash. The homes we are looking at are around 60-80K. Almost move in ready besides some paint and new appliances. 5-10 k in rehab costs.
Our plan is to buy the house for 75k and put 10K into it. Rent is going for 1300$ per month, so hopefully we can get a renter in for 1300$ quickly. The house's ARV should be 120-130K. We plan on putting mortgage on it for 75% value - 95K after all done. Rinse and repeat in a perfect world.
My questions- We need some contacts for a management Company, appraisal company, and real estate Lawyer in Newport News and Richmond.
Question 2- After we put a mortgage on the house do we need to put the 95K into a 1031 exchange?
Question 3 - Does my overall process workout? Am I missing any big giant steps?
I'm trying to learn as much as I can about everything real estate but soon I'm going to have to jump in head first!
Patrick Broughton