Gaining experience using someone else's property

[Joe Rivera]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $210,000

My business partner purchased this property and asked me to handle the remodel and the management of tenants. We are considering taking this 2 bed 1 outdated bath house with a detached 1 car garage. Remodeling it to be a 2 bed 1 1/2 bath house, detached garage that is converted into an office/workout area with a half bath in it. The house needs new flooring, an updated kitchen, an updated bathroom, new windows, paint, and wall repairs. The detached garage has plumbing for the washer and dryer, there is room for a half bath and counters by the washer and dryer for a small sink and an area to fold clothes. We are going to use the house as a short-term and mid-term rental.