So I closed on my first investment property yesterday. It’s a 1900 sq ft, 4 bed, 3 bath, ranch style lake home on .9 acres. The plan is to renovate and sell within a year. Possibly use as a vacation rental but leaning more towards selling. I want to use the profits made from this flip to buy another home more suited for long term rentals.
It hasn’t been occupied for a solid year but it’s in pretty good shape. It needs flooring, wallpaper removal, painting, a new back deck, a few windows and some curb appeal. It’s had a new roof and vinyl siding installed within the past 5 years.
I’m hoping to have less than $20,000 in renovations and plan to do most of the work myself. My realtor believes that I could sell at a price that would net me $50,000 after the renovations have been made.
I will be cleaning the junk out of the house tonight and plan to install a driveway, start removing carpet and wallpaper next week.
If you have an opinion on resale vs. vacation rentals I’d love to hear it. I’d be happy to answer any questions. Stay tuned for updates.
It hasn’t been occupied for a solid year but it’s in pretty good shape. It needs flooring, wallpaper removal, painting, a new back deck, a few windows and some curb appeal. It’s had a new roof and vinyl siding installed within the past 5 years.
I’m hoping to have less than $20,000 in renovations and plan to do most of the work myself. My realtor believes that I could sell at a price that would net me $50,000 after the renovations have been made.
I will be cleaning the junk out of the house tonight and plan to install a driveway, start removing carpet and wallpaper next week.
If you have an opinion on resale vs. vacation rentals I’d love to hear it. I’d be happy to answer any questions. Stay tuned for updates.
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