I have found 2 very nice houses in Southern California that need retaining wall or foundation work. The houses are REOs and are being offered at half price. Should I get involved in a project like this? I am not a contractor and will have to rely on a contractor’s expertiese. I do not know the extent of the work needed yet. I will look at them tomorrow but these are good opportunities. If I make an offer my total cost including buying and all repairs will not exced 65% of future value. The goal is buy and hold. I appreciate any comments.
thanks
The best thing to do is to contact several contractors (3-5) to look at the work and give you an estimate. Don’t guess. Houses with repairs needed are generally great opportunities, but only if the numbers make sense. Find out the costs, then consider the opportunity.
The good news is that after you have done a few of these, you will understand the costs. The first few times it can be scary. Just get some expert help the first few times out.