Updated almost 19 years ago on . Most recent reply
Rehab to rentals
Ok so I'm looking at one of these...needs some lighter rehab maybe 20k. It's a duplex, rents for the area are about about 1700. They are not way far off from my max purchase price of 80-90k (including rehab costs)...I'd like to pursue it to keep it, it would be worth a few hundred a month.
Problem is...I can buy it, rehab,refi - keep it at 80-90k, and have a cash flowing property... BUT - I will make no immediate income. I will pretty much give up 2-3 months of my time to have a prop that gets me like $200-300/month.
I will kill my cashflow if I took more money out. Outside of my money to invest, I have about 6 months of reserves for my personal expenses, and no other income. In my position is this something you would pursue?