Starting Out First home
Hi I'm new to this and looking for my first property. I'm actually going to check a place out over the weekend which has two properties on one lot. Needs a little work but I also want to live on one property and rent then other. I'm trying to run numbers based off info I have from listing, I will know a little more when I see it in person. But my question is in trying to run numbers because it's a mix of live and brrrr type deal? Thank you.
I would double check with the lender they can lend on it. 2 properties on one lot can be tricky so do due diligence there. On the #'s run for each of the places. Have an agent get you the ARV. With doing a live in BRRR you most likely won't cashflow out the gate so it'll help minimize living expenses and then when you move out it'll need to cashflow. Make sure to get different GC's thoughts on rehab and don't rush it.
Once you see it you'll have a better idea of what you're looking at numbers-wise. If you are doing the work yourself or hiring a contractor that will definitely play a role. If the lender will lend on it and you should be ok assuming you can cover all expenses. One thing I would really pay attention to is the condition of the roofs. Having two properties on one lot can be great but I usually just try to look for two units in one house to avoid having double the Capex items.
Quote from @Caleb Brown:Thanks I definitely see the potential in the properties and pricing isn't horrible but it is bank owned so I know getting a lower price wouldn't be easy but I feel would make numbers work alot better.
I would double check with the lender they can lend on it. 2 properties on one lot can be tricky so do due diligence there. On the #'s run for each of the places. Have an agent get you the ARV. With doing a live in BRRR you most likely won't cashflow out the gate so it'll help minimize living expenses and then when you move out it'll need to cashflow. Make sure to get different GC's thoughts on rehab and don't rush it.