We want to document our financial investment into this property. We plan to pay the house and renovation costs off to my grandmother interest free over the next 4-5 years.
Purchase Price of the property = $40,000
Budget for renovation = $10,000 to 15,000
We know the land appraisal alone, in a good market, is $110,000. After the renovation completion, we plan on getting an appraisor to come out and give a fair market value for the home and land . We’d also like an estimated value for when the market comes back up.
** Update, we sold Nellie Mae on 4/29/16 for $135k, yielding a profit of $65k.