1st property -- owner occupied
My business partner and I are in the process of studying and finishing our business plan with our strategy that will meet both of our goals. We are relatively young (24) and plan to move out into our own place. He just came to me with what I think is a good idea.
We are thinking of buying a fixer upper that would require a limited amount of work to become livable to the point where we could move in while finishing the renovating. We plan to live here for however long we choose (estimated 2 years) and then resell at a higher value.
The benefits we are pursuing here are:
due diligence - we will be purchasing this home to make money first so we would be doing all the things that a flipper would do only we would be living there instead of renters or buyers.
save money - this would save money for us if we were both to pay on a mortgage rather than pay rent (even though Pittsburgh has very low rent relative to other cities, it would still be cheaper considering the type of home and price we would be purchasing)
experience in all the work - we would probably do most of the demo work and easy painting but other than that we would have to contract out all the work..this will give us experience in project managing
I would love to read comments regarding this idea... We are thinking of owner financing but our options appear slim in our area...Any opinions on this would be greatly appreciated..Thanks, Jarred