OfflineMy first potential "fix-n-flip" property took a different turn. Could use some advice from investor/rehab experts-has anyone put in a bid on a Demolition/tear down? The construction specialist guy that showed up-he and his partner were much more knowledgeable than me-said the property is not salvalgeable. It needs to be demolished to the foundation; and a new house would have to be built. It was a 2BD 1Ba 650sq ft "house"(termed loosely) with working avail elect and plumbing. Even had leaking gas. Price wanted via agent $47500; Comps at deans website showed around $70K -$100k depending on which website I use (zillow; eappraisal;etc.). My investor partner mentioned "offer of 20K" to demo it--has anyone done one of these?
JER 29:11 Thoughts of Hope; thoughts of a blessed Future
Wow, what a spot to be in. What is your replacement cost to build from scratch for a stick build, or could you go double wide or modular? Jeremy and I bid a tax sale about 3 months ago and to tell you the truth if we won, I don't know what we would have done with the prop. It was worth more demolished. Cost to tear down was $11k We lost the bid by $850.00, but looking back, I'm glad we did. I would never tell you to walk away, But.....
Jan
Hey west I'm doing rehabs alsoand if the house was in that bad of shape and still wanted that much I would have laughed at them. This is why "due dilgence" Is very important!But my tax sale houses need gutting and start over. Unless the house is leaning or something I would get a second opinion because it might be that they didn't want the job to rehab your house. But I do my construction work myself!!!Hope this helped you don't just take one Docters' Opinion!!!!
I just got a house like that and it looks like it needs at least some gutting, but I got it for $9000 and the fmv is 43987. Right now I'm trying to find a hard money lender so I can get the money to fix it and rent it out. I tried to get the owner to finance in the money to rehab it but he said he didn't really have the money to invest in fixing it so he gave me 10000 off the price. It definately will need the roof fixed and some new ceilings in some of the rooms, as well as some walls stripped and drywalled, but I am confident I can get it done