Just bought a sfh rehab property with a lot attached! Can’t wait to get started. It was a foreclosure! Not sure what I will do with the lot yet, it is zoned residential but is on a corner lot with a street of mixed commercial. I just had to let you all know!! So excited!!! WAHOO!!! Graciez
That is good… Do you have a lot of work to do…?
YAY GRACIE!! Tell us about it.
It’s a great feeling, isn’t it? good luck, got get em’…
I’ll let you all know how it goes. It is a big project. Will be replacing carpet, painting, a ton of cleaning, replacing furnace, a few broken windows, putting appliances in, gutting bathroom and part of kitchen, and finishing a porch that was started and not finished. Outside, alot of clean up and making the yard perty. Will close on 4/21 and get started! Graciez 
Sounds just about like the one we are just finishing…we had to do all of those same things,. exactly…carpet goes in this afternoon and we’ll be all but done (need to do paint touch up and final cleaning after the carpet guys are done)…
Keith
kdhastedt, congrats!! Wanta come help? Just kidding. It feels good to be finished I bet. Graciez
Well, it kinda hit a snag…carpet guy got sick and they are now going to do the install this week in hte evenings – at least they’re gonna get it done this week!
Keith
Awesome!! Did you get it in preforeclosure, at the sale, or did the bank have it as an REO?
Jeff
Bank bought it at Sheriff’s sale in January. Bought it from the bank through local realtor. Graciez
I must bought a rehab property that requires the same type of work.
kdhastedt - What did it cost you to do the work and Graciez what are you estimating for the job.
This was to be my first rehab to flit, but I I like the house so much that I think I may move into it and rent my current home. I cannot do the work myself so I will be the contractor and sub out all of the work.
I paid $48,200 for the property, put $6,100 into it, and sold it Friday for $75K…
Keith
You replaced carpet, painted, replaced the furnace, new appliances , gutted the bathroom and kitchen and only spent $6100. This is costing me somewhere around $25,000. I also had to change electrical from fuse to switch and add cabinets. I feel as if I am paying too much, but I got 3 estimates from each of the projects - no contractors.
I replaced just the stove…the 'fridge was good once I cleaned it up. We do all of our own work (except the furnace…) on nights and weekends – mostly because we enjoy it! It’s a small 1100 sq ft 3 Bedroom/1-1/2 Bath…
Keith
Guess what, just heard back and got clean title! Can close on Thursday maybe.
JAG
Bought my property (foreclosure) for 34k, has a lot with 2 Bdr. house needing about 5-9k in work including some plumbing (1000), new furnace (1300k) carpet-2 rooms (1500) new roof (4500) and lots of cleaning up and it has an extra lot with it which I am thinking of getting rezoned to commercial to put up some storage garages, as it is a corner lot and the street going east and west of it is commercial. I too like to do the work myself as much as I can. I am thinking about renting this one out to get some cash flow going. But it would be a good flip too.
Where are you all from. I am from Miami and there is nothing, NOTHING here that is good under 215,000. That is taking it “as is” damage and all.
BettySue, I am in Atlanta, and it is difficult to find anything as low as $34K. I hear that in Florida property is appreciating rapidly.
I just hit Realtor.com…there are over 50 SF properties listed here right now for <$40K…some are REAL junkers, some are in really bad neighborhoods, but they’re out there.
Keith
I think it depends on your area. In larger cities and or popular states you may have more difficulty. Graciez
Are you saying that Louisiana is not “popular”?? The 'gators and the mosquitoes love it here!
Keith