Posted by Doug (ON) on October 25, 2001 at 08:15:27:
If houses around this one are going for $150k, what makes you think this one will get any more?
Let’s say it will sell for $150k. If it needs $30k in repairs, then even a $90k offer is pushing it. That only leaves $30k for holding and reselling costs, and profit. Holding and reselling could run nearly $15k, that only leaves $15k profit for the rehabber, saying nothing about YOUR profit for flipping them him/her!
NOT worth the risk if you ask me.
Remember, there are plenty of deals out there, you don’t have to work with unmotivated sellers and risk your neck to make a few bucks.
You COULD try to find a handyman who wants to fix the place up for themselves. They would be willing to pay a higher price since they don’t need to make a profit.