So I have been offered to buy a property around 59,999 it’s 3 bedroom 2 bath and needs some work. (Appliances, flooring, and updating in kitchen and bathroom). The other part of this property has been approved to build 6 units on the property. What does everyone thing good buy to have future potential
In order to determine if a property is a good buy or not, you first need to run the numbers. Bigger Pockets has a variety of calculators to help do this. They allow 5 free uses of their calculators for non-pro members. It sounds to me like this would be a potential BRRRR property.
The calculators would be essentially calculating your total cash flow of the property after factoring in rent, mortgage, repair costs, expenses, etc. A good standard to follow is wanting around $100-$200 a month in cash flow per unit. But without running the numbers first, it's difficult to determine if it's a good deal regardless of all the potential. Good luck!
- Lucas Duce