My "truck fund" savings account has now been officially repurposed for a rental house. With the money I deposited in the account this morning I now have $4k total. I know it doesn't sound like much, but it is a start, and I will grow it.
The plan is to save enough to purchase a cheap house with cash, and then pay for the needed rehab with cash, with the end goal of renting it out and rolling the proceeds into another house to do the same. I am thinking of purchasing in the <$20k range and about the same in remodeling, doing most of the work myself.
I've been inspired from watching a couple of different channels on YouTube, Homemade Home and Graham Stephan being the best.
I am probably two years off from actually making a purchase, so there is no rush and plenty of time to plan.
In general, is it a workable plan? Of course locations and markets have a lot to do with it. Does anyone have any experience on purchasing cheap houses and remodeling them for rentals?
The plan is to save enough to purchase a cheap house with cash, and then pay for the needed rehab with cash, with the end goal of renting it out and rolling the proceeds into another house to do the same. I am thinking of purchasing in the <$20k range and about the same in remodeling, doing most of the work myself.
I've been inspired from watching a couple of different channels on YouTube, Homemade Home and Graham Stephan being the best.
I am probably two years off from actually making a purchase, so there is no rush and plenty of time to plan.
In general, is it a workable plan? Of course locations and markets have a lot to do with it. Does anyone have any experience on purchasing cheap houses and remodeling them for rentals?
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