Updated over 4 years ago on . Most recent reply
Fixer Upper or Move in Ready
My first investment property, I’m trying to figure out if I should go with a move in ready, tenant occupied property OR a fixer upper.
The tenant occupied property has had a roof replaced less than a year ago (tear off), furnace is 1yr old water tank from 2007 in great condition. Owner has had the property for 18 yrs and is moving out of the state. Tenants are current on rent and are both long term tenants.
Fixer upper is just that, 20K less than the tenant occupied property but has a few things that need to be done. Tenants are current in rent but are not long term tenants. Lease is currently month to month.
Maybe I’m just talking myself out of it but I really don’t know what to do. What’s the best decision. What would you do?? Someone help 😫😫
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- SE Michigan
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- SE Michigan
For your first investment, I would go with the easy one. Besides $20K isn't enough of a discount to get me interested in a fixer-upper. After repairs and holding costs, you may be under water vs the fully-repaired one.
BTW, don't talk yourself out of it. Get in the game.