Updated over 5 years ago on . Most recent reply
Long distance gut rehab
Hello folks
I am new to the BP world and am interested in getting started. I currently own one SFH that I live in but find myself in a unique situation in where I have the opportunity to purchase a building in need of a full gut rehab from my father. The purchase price would be maybe 50k tops. Im assuming it will take maybe 75k to rehab. The property is in a really hot neighborhood and if renovated properly, would rent for 2k.
The problem is that the property is 1500 miles from me. Granted, my father lives right down the road from it and could help me out if someones needed to be on site for any reason.
I don't currently have a lot of money to throw down towards this property so would have to take out a construction loan - which I know nothing about...
Im coming to you folks for a little guidance here on what my first steps should be and what to expect doing this from afar. I realize as a beginner it is easier to get started on deals that are close to me but having friends and family nearby I feel a little better about going through with it.
Thanks!