Have roommates and money - need to find a home!
So I've talked with a realtor and have been scourging the MLS in Richmond, VA for a property I can buy and rent out to 2-3 of my friends who are looking to rent.
I've been approved for up to $279,000 but I'm having trouble finding a viable property for my budget. I know the area pretty well and where I need to buy in to have consistent tenants and I'm just not quite at the budget needed.
- I found a property for a $180,000 that was in the desired area but needed serious renovations and I am not experienced in that. How can I build significant renovations into a loan ... or will I most likely just need straight up cash and not be doable?
- Some of the homes that would be perfect to rent out are about $20,000 over my budget of what I qualified for. What are my options to reach that point?
- In relation to Question 1, It's looking like my best option is going to have to find a property that needs some renovations, but not a ton, and buy it significantly below budget and then renovate? Does that sound about right?
Thanks for your help in advance.