Updated about 10 years ago on . Most recent reply
Need some advice
Hi BP ...Don't know how to put this but I'm in need of some opinions...
I have an abandoned property that needs about100k-200k gut renovation. I have some savings and the rest I was going to do a 203k loan if I needed to...once finished the property will bring in 5k a month I'm in a trendy neighborhood....
Now my problem comes in here.. I wasn't going to do anything with that property until maybe next year I figured I would buy another small multi using FHA with down & closing it will be around 50k ....So I went looking for another 2 family in a working class neighborhood found something that will bring in about $500 dollars a month..now after its seasoned I would refinance into a conventional. Then do the 203k and fix up the abandoned
I spoke with another investors today and he suggested to just concentrate on the property I own right now...
From my understanding when you own more property the better...
So I'm stuck should I buy another multi or just put my money into the renovation