Hi,
I’m looking to hold my current rental properties, but start doing some local rehab deals in the NYC area. Anyone involved in rehabs have advice for a rehab beginner. I’m looking at a current property, purchase-$280,000, rehab-$80,000, ARV $510,000. What are my financing options and should I look to retail or wholesale to a buy and hold investor. Sorry for the length.
In todays market I can’t recommend that a new investor goes out and picks up debt. Take the time to learn the biz over the next year with mentor as a property locator or bird dog.
Once the financial market stabilizes (God knows when) and you feel that you understand financing, repairs, selling and leasing, jump in.
If you still want to go forward with this one, how much are the rents?
Good luck