Raising Capital for multi family
I am a newbie with 1 rental property. I had squatters for a year but finally got them out and in the middle of remodel which will bring my home value to 300K. ($99k mortgage remaining) My question is should I sell my single family and put. The money to put towards turning my parents house in a trendy neighborhood into multifamily or just keep it and try to find better tenants which would net me around $1,000 a month profit? Im leaning towards keeping it but got burned a couple times with bad tenants.
it will take about a year to get the zoning to turn mt parents house into a building and my contractor quoted me $800k to build 3 unit from scratch. The comps for the 2 buildings next to my parents house are $3,300 a month for a 3 bedroom. They are actually the only house left on the block so hoping getting the zoning won't be too hard.
any advice would be appreciated.