Remodeling my first house for a rental.
Im excited and new! I bought a $140,000 single family home a few years ago to live in and I have been reading real estate books and I am motivated to get started. At the moment I am doing about a $15k remodel and repair to this house. New siding and windows and painting exterior and interior (trying to decide on replacing carpet or removing the carpet for a renter friendly idea), fencing replacing broken garage door and some landscaping. quite alot of hours and Im doing all the work myself which is adding up. I will be finished comming into spring next year and the house will be worth $175k. Ive paid down the house to 130k. So at this point I am trying to decide what to do. Sell it and with the amount of hours I put in, the 25kish income would hardly make me feel good.
the rental market here is BOOMING. so I could get top dollar as a rental. Once all the updates are done, maintaining the rental should have low overheard for years. and I would show about a $3000 cash flow a year. I could use that extra money for repairs or months where there isnt a renter. I feel like this is the route I would want to take and move into another fixer upper. Id like any advice and tips.