Hello everyone,
Got a new deal I am pursuing.
It is a 4/1/1 1350 sf home in an area the homes sell for 300k-380k.
The one next door which is identical floor plan but only difference is 200 sf bigger and 9 years newr sold for 333k in april of 05.
I can get the home for 225k and it needs some work. Main thing I am concerned with is that it needs new electric because it is not up to code. Any thoughts?
Howdy OneEnterprisesLLC:
How bad is the wiring? You can update without completely changing. You will probably need to add some GFCI’ s at the kitchen and bath areas. The service at the house is the expensive part and can be rebuilt with a new meter can and breaker box for less than $2K.
Figure your numbers closely. It may be a tight deal. At a sale price of $325K most rehab folks will only pay 70% of that for the property and fix up costs especially if they are using a hard money lender. At your figures you will not be able to borrow any rehab money.
Thanks for the reply.
How I figure it, I would probably spend about 50k on the work needed utilizing my network and doing majority of the work myself.
225k for poperty, 50k for repairs MAX(hopefully), 25k left saved for any issues. Plan on completeing project in 2-3 months…
Will list at 329k…