Updated almost 4 years ago on . Most recent reply
Multi-Unit Property purchase question
I just purchased property with two structures - one is a 1 story 2/2 older manufactured but very nice and refurbished. The other is a 2 story stick built 3/2 with garage and RV (or large boat) garage. Decent area. More than a peek of the ocean in Brookings, OR. The owner wanted out quick due to life situation and priced if (I think) under. $515,000. He had several offers today but took mine. I offered $520k with him carrying 100k for 4 months. One renter moving ($1400) and the other unit could be rented $1900 easy. OR I could do short term Airbnb once I get license. HOWEVER I am thinking of doing a spruce up - the bones are good, so I'd do new flooring, painting, fixtures, landscaping, cleaning, upgrading sinks, etc. (maybe $10k total) and then sell it for around $600k+. I am not too afraid that it will be hard to finance due to the manufactured home because there are people to pay cash. Does that sound like the best idea? Doing a flip in about 4 months? Please advise as I want to try a flip vs. rent.... Thank you for responding (first post)