Posted by Joe Kaiser on January 19, 1999 at 10:23:51:
I’m not going to spend lots and lots of time figuring this sort of thing out. In a perfect world, you’d have bids that give you a general idea of what the repairs are going to cost, and that’s often a good way to go.
However, just as often there times when something else comes up, be it repairs or zoning questions or any number of things I have no desire to become an expert at, and whenever I run into those situations, I’ll let someone else’s brains figure it out so I can get on to other things myself.
Every flip deal is unique. The cookie cutter is a myth. And although I prefer to have everything squared away prior to sending an investor or retail buyer over to the property to take a look, in those situations where there’s just too much funky stuff going on (artesian wells being one of them for me anyway), I’ll just take my best shot by getting it tied up and letting them figure out if it’s worth doing.