Updated over 5 years ago on . Most recent reply
New construction rentals? Yay or nay? Advise
Hello BP,
This is my first post although I’m on the edge of about three years in to bigger pockets and all things rental. I have a property I inherited. The property is 17 total acres. On the 17 acres there are four lots set up (formerly had mobile homes on them that were rented out). The homes have been long sold by family, the last one being there about 5 years ago. I own the property free and clear and right now have two of the lots leased out to mobile homes. I own the land, not the homes they are leasing the lot. The land is in a prime location. I’m considering building out new construction rentals. Semi locally, in a worse location, I know of someone that has built around ten 2 bed 1 bath homes that were rented before they finished the build and have been since. The math breaks down to 58k turn key, rented at 750 a month. I believe I can build one on a heloc and roll that in to a mortgage and start over on number two and go from there.
I’m curious what questions y’all have that I haven’t thought to ask. Or maybe advice I need. Please ask any and all questions and give me your thoughts. Bigger pockets is a great thing and I’m excited to be a part. I look forward to learning even more.