I have all my $$ tied up in the home i am living in,
I would love to buy and rehab it all myself and sell it for retail and make about 100k but I have a full time job, and it would take 3-5 months, and cant make the payments during then.
I may just have to flip it for a quick buck, I know an investor that bought a rental we were living in a few years ago.
We made an agreement with the LL that I would fix up the house with them buying the matls and me doing the labor,
we had it appraised and agreed to split the difference between the apraisal and the selling price.
I installed CHA, and totally rewired the house.
sold it and our share was 10K which we used to get into our current home.
I will be looking at a home in the next couple of days.
Heres the basics so far, from the phone.
Its FSBO tear downer, so says the owner, who is currently living in it during the week, goes home to the country on weekends,
built in 1890, with 3/4 acre, 2 story, about 14-15oo sf i think, asking 90K.
says the bank told him they would loan him money to tear down and rebuild but not to fix, and nothing meets code,(I thought everything code wise was always grandfathered)
anyhoo the NH its in in Atlanta is booming and really getting pricy, hard to find a house under 200K. A 2br goes for 150k
Lots of developers are buying 3 or 4 nice (not tear downers)older houses with big lots, in a row and bulldozing them and building 6 300K+
houses per acre.
I have experience doing rehab work.
I am rehabbing the house i’m living in now, bought for 99K, cause it has a lot of rotten floors and all the others in the NH are 180-220K,
I have replaced 24 feet of the exterior wall(rotten studs) and some of the floor joists.
What Questions should I ask the owner regarding creative finacing and L/Oing me the house?