Updated almost 13 years ago on . Most recent reply
novice seeks advice on this property
shell property in inner city may be gifted to me. estimate 15k in renovations. comps in area go for anywhere from 50k to 80k. rent lined up at 800 a month. hopefully property will appraise for 60k.
would you sell property ASAP, pay taxes and walk? considering its a gift i will get killed with taxes, almost 15% of sale price. if i sell for 60k i can still walk away with 50k and that could possibly net 35k.
would you just rent and look for other distressed homes/homeowners? how long before you have a deed transferred to you will a bank allow you to get a HELOC?
what should i do? i would like to get three or four rentals in the next couple of years and i think this first one is a good step.
can i approach a bank after a year with my newly renovated gifted property and borrow on its equity? how does that work? the send out an appraiser and determine the value and what they would lend on?