Posted by phil fernandez on May 15, 2000 at 10:49:03:
Do you know what it will cost to do the total rehab? You will need to breakdown each item that needs repairing. No guess work here. Your mistakes on the cost of the rehab come out of your future profit.
Get two or three contractors out to the house and get estimates from them. Only then will you know what to offer on the proeprty to insure your profit. And don’t forget to include your buying, holding and selling costs involved with the transaction. I like to pencil in 6 months worth of holding costs just in case the house doesn’t sell right away.
Government Forced Sale - Posted by Jack Polly
Posted by Jack Polly on May 15, 2000 at 08:39:26:
My wife and I found a 2000 sq. ft house with 2bd,2baths, on 2.25 acres(beautiful land). It is so dirty inside,needs carpet and vinyl replaced. Looks like the wood under the vinyl in the kitchen and dinning area needs replacing too. The windows need new chalking and the roof has to be replaced. Inside has to be painted. This property also has a MH with 2bd,2baths. The inside has to totally redone inside. Would move the MH home or fix it up for bonus. They have been asking $69,000, but, are ready to take offers. This house has been sitting for a long time and the people that lived in it, took all the light fixtures and fans out. Thought about asking $45,000 since there is so much to do to improve this place. We want to turn around and sell when we are through. Going to place an offer today. Would like any opinions on this matter. Also, if there any investors from Ga. that would like to help out with this deal? We own a small MH park and have always rented. This would be our first rehab.