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Updated about 7 years ago on . Most recent reply

User Stats

49
Posts
57
Votes
Brad Sparks
  • Rental Property Investor
  • Lakeside, CA
57
Votes |
49
Posts

First rehab in NM. What's the next step?

Brad Sparks
  • Rental Property Investor
  • Lakeside, CA
Posted

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.

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