How Long To Close A Rehab Deal
Greetings all. I am beginning to venture into the rehab area and I have some general questions. I am already somewhat familiar with the process of rehabbing and good for me my uncle is in construction. He can probably give me reliable quotes on houses that need fixin'. My first question is how long does it take to make a profit from a rehab project from locking the contract to close?
This is a very subjective question. A lot will depend on the area the house is located. The better the area,usually the faster the house will turn. Be prepared to hold the house a minimum of 3 months and as long as 1 year to close with a buyer. Always be conservative with your timeframe to sell.
Yes, exactly. Always figure an average minimum of 6 months, especially when it comes to estimating cost, not just reward. Modify according to the type of work necessary, market, neighborhood, etc. Conservative is always best.
Planning in advance will help you to enjoy the exhilaration of those that move in 3 months (never count on it), and to bear those that will re-educate you in the ways of patience by going 9 to 12.
Quinn
Thanks guys for the help. I figured it would take on the longer end because common sense told me that if your gonna rehab it's not gonna sell as fast as a pretty house in a good neighborhood. Just wanted to reassure myself. Thanks again.