Not Just Another "Should I Buy?"
Well! I guess it could be just another "Should I Buy" Post! Good day Biggerpockets! I'm considering investing in a 4 bdrm, 2 bath property. Its within walking distance of the local University. Right! If it wasn't for the current situation in the states or the world, It could or would be an automatic "CHA-CHING!!!".
Well! Here's where my hesitation and question comes in. First I am a Newbie! This will be my first rental property investment. So! I'm sure I know or feel what most of you will say. But let me continue. At this point I haven't personally seen the property, only pics. Again! I know you vets out there like David Greene will say you don't need to see the property in person and I agree.
From looking at the pics, Its a total rehab! New Roof, New Electric, New Plumbing, and everything else in between. The property is priced at needing a total rehab, 15k and I wouldn't offer that much. From the pics the foundation is solid. I haven't received an estimate yet. Again! I'm a Newbie! so I'm not going to guess what I think the estimate should be. I know that once completed, the ARV could be 90-100k or more. The property is all brick, built in 1955. There's newer homes across the street and down the street walking toward the school. The school itself is doing a lot of building as well. I have the funds to purchase and do some of the work. Obviously I don't want to put all of my cash into rehab. So OPM or Hard money I will need.
The location is a small southern town. About an hour from the major metropolitan city and international airport. The school is the major focal point. My thought is to be within that bubble around the school or be as close as I can to the bubble. I'm pretty much priced out of the city right now. My strategy is secondary or tertiary cities. My wife says to leave it alone. I'm still thinking about it.
So! Should I buy or look for something that will be more manageable for my first?