Posted by Natalie-VA on October 24, 2009 at 09:52:45:
We’ve done many rehabs, but prefer lately to just polish them up and sell cheap. My husband runs the rehab crews, so I don’t have that added work to deal with. Not to mention, those guys are a bunch of knuckleheads, and I don’t have the patience for it.
I’m sure our markets are very different. I try to stay 1970s and newer, and have never done anything prior to 1940. Older houses are just not our area of expertise. Also, when the prices are that low, the house is often worth what I want my profit to be, so I couldn’t buy a house with an ARV of 40ish and expect to rehab and make a good enough profit, unless they paid me to take the house.
I think the larger profit spreads come with experience. I would have taken a much smaller profit when getting started.