BRRRR and new construction
Hello BP nation. I wanted to hear your thoughts on building new. Originally I was looking to BRRRR in a gentrifying neighborhood. Most properties in The area I am looking at are in extremely bad shape and need to be torn down. It is very hard to find homes with good bones that would only need little updates and face lifts. Many of them need everything replaced.
Slowly people are buying these homes which are mostly in the 1200 square feet range and building larger townhouses and selling them. I don't have enough money to build a big town house but I could possibly afford to buy a piece of land and build a house with the same square footage (around 1200 sf) this means my house would be much smaller than all the new construction around but I am planning on renting it once it's built and refinanced.
I am curious to hear your thoughts on this strategy.