Updated over 4 years ago on . Most recent reply
IS IT ACTUALY WORTH REHABING THE PROPERTY??
Hello everybody. New to real estate investing and the forum here and really happy I joined. After some personal issues I’m financially ready to start investing.
I would like to get your expert opinion:
I currently own a multi-family property In Ventura County, California. The property is comprised of 3 units, a main house, a guest house and a studio. The property is paid off and I got it appraised almost 2 years ago (by a registered appraiser) and it appraised approx $675,000. I also completely renovated the studio 3 years ago. Although I have kept up with repairs, the main house and guest house could use some renovations (kitchen, bathroom, new floor). I currently rent all 3 units. The property is paid off and have plenty of equity in this property to start investing in a Brrrr strategy.
My question is:
Should I refinance, rehab, rent, repeat my property? Or just refinance and go buy an investment property?
It May seem like a straightforward answer but just want to get expert advice.
Thank you for your time.