First property visit was NOT what I was expecting!
Hello everyone! I just thought I'd post a little update on my progress so far in attempting to find my first deal.
Like other new investors, I'm planning on using the fha program to owner occupy a multi family home.
Today I went to go see a three unit building in Naugatuck, CT and was I in for a big surprise! Nothing seemed to be like the descriptions and pictures of the place that I had seen prior to actually visiting the property.
From the pictures I had seen, there was some work that needed to be done sure, but it seems like they were strategically taken to make it seem like there was much less work to be done than the reality!
There were holes in most of the walls and in the ceiling, the basement was unfinished and there was literally just dirt down there. I could see footprints from people who had walked through previously!
The entire building was extremely cramped (though it seemed more spacious in the pictures too), and some of the windows were broken! I know that for people on bp these might not be the biggest problems, but all the work and repairs that need to be done to the place were a bit too much for me on my first time doing this.
Also, I'd like to be able to go into a place and have rentable units right away. I'm not kidding myself into thinking that I'm going to get the best place in the world in my current situation, but I'm also not going to bite off more than I can chew just yet.
Either way, that's my little status update, thank you for reading. I'll be sure to post about any other significant occurrences on my journey.