New to investing and my first property is a triplex in Alamogordo NM that I bought from a friend for $50k(seller finance) who wants out of the real estate business. Past rents were $450 each but she didn't maintain the property. Current rents in the area are $500-$800. I walked the properties and no that they are a to the stub gut so I didn't get an appraisal.This is my learning property so I'm ok with making mistakes. My question is what would you do next: get an appraisal for ARV
get some contractor bids
the Mrs want to wholesale it. Would you start there?
What steps am I missing? I ran the numbers and I'm sure that it will make money whether it's a flip or rental. I'm looking for experience at this point and I have to start somewhere to get it.
@Brad S. it sounds like you already bought it, so it's a little late for an appraisal. The next step would be to renovate a vacant unit. Get it on the market for rent. Once rented, renovate the next one and so on. Don't over do it, just fix it and make it look good and livable. Once it is 100% occupied, sell it and buy something better.
@Anthony Dooley Thanks for the reply.