Updated about 10 years ago on . Most recent reply
Best real estate investment - Too many options
I'm looking to do my 1st real estate deal (was involved with rentals years ago). I have a couple possible rental options. We have about $10k -$15k to invest.
- Mother has abandon home in NC, 7 hours away from Atlanta. May need some work (bathroom, kitchen), guessing 5k to 7k of work for good rental. There would be no mortgage. Rents for 2 bed/1 bath .... maybe $300-400 month
- Uncle passed a way in Chicago 2 yrs ago. Has will a 3 story Brownstone to my mother (she is in assisted living) who actually pays the property taxes. She or my brother have no interest in keeping property long term. There is no mortgage, could be $75k to $100k of work needed to get into good rental shape. Located in great two block area with well maintained other Brownstones. Rents per floor around $900 - 1200 per month depending on level of rehab.
- Look for duplex or single family home where I'm currently working a 2 year contract, as I pay $500/month for a room 4 days a week. Use that money toward a owner occupied to get started.
I tend to over think ....its the 30 plus years as a Engineer. Just looking for feedback or thoughts ....Thanks!!