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.