Updated almost 5 years ago on . Most recent reply
Rehab or refinance multi family
Hello everybody. New to real estate investing and the forum here and really happy I joined. After some personal issues I’m financially ready to start investing.
I Want to get your expert advise:
I currently own a multi family property In Ventura county. The property is comprised of 3 units, a main house , a guest house and a studio. The property is paid off and I got it appraised almost 2 years ago (by a registered appraiser) and it appraised approx $675,000. I also completely renovated the studio 3 years ago. Although I have kept up with repairs, the main house and guest house could use some renovations (kitchen, bathroom, new floor). I currently rent all 3 units. The property is paid off and have plenty of equity in this property to start investing in a Brrrr strategy.
My question is:
Should I refinance, rehab, rent, repeat my property? Or just refinance and go buy an investment property?
May seem like a straightforward answer but just want to get expert advise. Thanks for your time.