Posted by Kristin on December 26, 1998 at 14:02:46:
Here’s my 2 cents:
It sounds as if this is a very specialized deal, and you should consider very carefully whether this is the first project you should take on.
Rural areas generally have a much longer holding time, and the repairs to a house of that age can be astronomical.
My suggestion would be to do ALL of your research before you get tied up in this deal. Even if you are flipping it, and not doing the repairs, you have to consider both the cost of the renovations, and the level of experience a contractor would have to possess in order to do those renovations properly before you can determine where and to whom you should shop the contract.
Also, the comps and holding time in that area may be very difficult to determine if the area is “very rural” as you said in your post.
None of this is meant to discourage you… just make sure you do all of your research before you take the deal. It’s the best way to make sure you come out on the plus side.
I wish you the best of luck, whichever decision you make. I’ve always wanted to renovate a house that age for my family and myself, and I’m sure there are other purchasers out there who feel the same way about the older homes.