I have a primary residence.
Purchased 6 months ago at 250k USD.
Zillow says its worth about 268k.
I had 5% down did conventional at 3% for 15yrs.
I see that a huge number of people are repairing their houses and starting to put up for sale signs.
Should I do the same.
I really want to get into flipping so I can get to a goal of 1 paid of home to live in and 1 rental.
I was wondering if I should do a 203k loan and raise my cape house to a dormered house and redo first floor plan.
Is it feasible to do 100k-120k home improvement. I would say looking at the majority of homes sold with raised are going for 400-500k.
I was thinking because I would make it a 30yr mtg the monthly would be same price and I could hold until I sold for price I wanted.
Any ideas?
Market Value: 268,000
Original Purchase price:250,000
Original Mortgage Amount: 235,000
Interest Rate: 3%
Mortgage Term: 15yrs
Term remaining: 14.5yrs
Amount remaining on mortgage: 231,000
Gross Rents: 2k
Principal and Interest (the P&I of your PITI - should match with the above info):
Taxes and Insurance (the T&I of your PITI): 8k
HOA costs:0
Deferred maintenance notes: Will need to change washer, dryer, dishwasher, water is hard needs water softenr+filter.
Some windows need shoes. Heating is 30+ yrs.