trashed house - Posted by nervous

Posted by michaela-ATL on August 31, 2002 at 18:20:31:

boy, would we make a pair - lol.
actually, i gained a little weight, i’m 460lbs, but, hey, what’s a few pounds here or there :wink:


trashed house - Posted by nervous

Posted by nervous on August 30, 2002 at 07:55:35:

There is always risk in buying rehabs. Inspectors may know about some things but how can I tell if I have structural problems or foundation problems? I have experience in construction but not in this department. How can I safe-guard against major house problems before buying? Do I need to hire or can I figure this out myself? Thanks in advance -

Re: trashed house - Posted by michaela-ATL

Posted by michaela-ATL on August 30, 2002 at 08:49:01:

put it under contract with an inspection contingency.
definitely get an inspection, if that’s not something, that you know about. or, if there’s enough margin just
figure 'what’s the worst that can happen? can i live with it? woudl it still be a deal?" and if you decide there’s still enough profit, then just go for it. i tend to do it that way, but i would not suggest it for a beginner. but keep in mind, there’s a lot of money in seriously trashed houses, because the other investors all want cosmetic fluff jobs, so you don’t have as much competition in buying and can get better prices.
just my thoughts

Re: trashed house - Posted by Dee-Texas

Posted by Dee-Texas on August 30, 2002 at 08:47:37:

You will have to work with a good general contractor sometime in your investment life, so the best thing is to start finding one now. Call three that you have heard good things about and have them walk through the property with you. Pay them if necessary (ask up front how much they charge for an estimate) most don’t charge, some will charge and then take it off of the total cost of the rehab if they get the job. It just depends on the job.
On those three walk throughs with three different contractors, tell them you need a ballpark estimate on interior, exterior, roof, structual, electrical, plumbling you will find out which ones are working with you with price, which ones are prompt, the ones you get along with better and the most important the ones that will make you money and help you grown your business.
Best Success,
PS…the reason I said to get a ballpark figure is this…unless you really are going to repair everything in this house and already have the deal. Don’t waste their time with making a written bid and have no intention of using it. If they are good contractors they are very busy and doing estimates is time consuming. BUT…when you do a project always get a written and signed bid on the project with A FINISH TIME.

Re: trashed house - Posted by Kristy-AZ

Posted by Kristy-AZ on August 30, 2002 at 23:57:44:

I’ve noticed something here. When Rehabs, I see mostly womens names. I also specialise in Rehabs! And i’m a woman. What’s the deal??
Now I know Michaela has purple hair, weighs 350? (is that correct?) and has numerous body piercings, But she is still a woman doing REHAB projects! By the way Michaela, my hair is also purple, however I like to make it orange in the summer time. And you should see MY Tattoos!
Come on guys… what’s the deal? You might say we do more work than you, BUT we also have less liablity. We get the house, fix and get rid of it. No more headaches!! Guess we kind of do that with men to…:slight_smile: