Need Guidance on First Deal: Reno + House Hack
Hey everyone, I'm a young investor working on my first deal and looking for some guidance. I'm looking to buy a home that is selling for a significant discount to market in my neighborhood; property is going for $160k and comps are going for $215k. It's selling for a discount because it needs a good amount of interior renovations. My goal is to finance the home through an FHA 203(k) loan, work on the repairs I can do myself, hire a contractor to do the rest, and then rent out the rooms. My question is, what order should I take these steps in?
Do I make an offer, get a contractor to come in and inspect the cost of renovation, and then secure financing? Please let me know