Rehabing my parents rental
Hi BP Community!
I have been seriously thinking about improving my parents rental property (which I live in) and adding a 1/1 in the back or 2/1 if possible. The property is 20 minutes SE of DTLA and can honestly say you're less than 30 min to major attractions (beach, Disneyland, Rams stadium, 3 Cal States). We have owned it since the early 90's and did some minor upgrades here and there. But nows it's time to do a complete overhaul.
My question, what types of loans are out there to help finance a full on construction project? I will definitely be putting my own cash in the project to start. Basically I want to BRRRR without the (Buy) part. Then hopefully repeat and buy similar distressed properties in the area. Eventually I will inherit this property so why not add value now and bring more cash in for my folks & I?
What do you guys think? Looking forward to getting some guidance and starting my real estate journey!
-Jonny