1st Rental Property - Full Rehab underway

1 Reply

Brought 1st Rental property for $25,000 — Obtained financing based on a subject-to appraisal that came in at $50,000 @ 80% LTV = $40,000. My original thoughts were I would be able to only put $15K into the property and technIcally have none of my own money in the deal. Unfortunately, I bought it without proper due diligence or inspection, and it is in quite a bit more despair than anticipated. — It’s looking like I will end up with about $15k out of pocket for a total of $30k rehab. This includes new appliances, adding central HVAC, flooring, new cabinets/counters, Interior and exterior paInt, foundatIon levelIng, etc. Basically, everything will be new with the exception of some Sheetrock walls that I was able to salvage. I’m really looking forward to the finished product and placing my first tenant!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you