1st Rental Property - Full Rehab underway
Brought 1st Rental property for $25,000 — Obtained financing based on a subject-to appraisal that came in at $50,000 @ 80% LTV = $40,000.
My original thoughts were I would be able to only put $15K into the property and technIcally have none of my own money in the deal. Unfortunately, I bought it without proper due diligence or inspection, and it is in quite a bit more despair than anticipated. — It’s looking like I will end up with about $15k out of pocket for a total of $30k rehab.
This includes new appliances, adding central HVAC, flooring, new cabinets/counters, Interior and exterior paInt, foundatIon levelIng, etc. Basically, everything will be new with the exception of some Sheetrock walls that I was able to salvage.
I’m really looking forward to the finished product and placing my first tenant!