Finding equity in my home
I am remodeling my 3bedroom 2 bath manufactured home and I am having a great time doing this and its an amazing learning experience. i was in construction for 5 years remodeling homes so im not new to this type of work but i have never done anything so drastic by myself. My manufactured home was built in 88 and like any other manufactured it looks as cheap as it was in every corner so i figured i can change that, do a cash out refi and be on my way to my first investment property.
heres the numbers thus far
i bought this home in 2015 for 214,000
i owe 194,000
ARV goal is 320,000 (i expect closer to 310)
current remodel budget at $25,000 (remember i am doing almost everything aside from the sheetrock)
i have spent currently $12,500 and i got most of my flooring paid for, my kitchen cabinets ordered and 2 bedrooms and a bathroom fully done.
Working for equity is something i have never done and as hard and much as i have been working im not sure ill be making very much for my time in the long run but im definitely getting paid in experience.
How many of you are remodeling your current live in home?
im having a hard time posting photos but i will as soon as possible