Need Help With A Great Opportunity...
I have found a great opportunity in new york, hot market, handy man special... My problem is that rehab is not my specialty... I have only done turn key rental properties thus far. This property has a single family home on a 50x75 and 10x50 lot (l shape) zoned r5. It needs cosmetic remodeling. If bought for 500k and remodeled could easily sell for 800k. Can also tear it down and build two 3 family home, or one 6 family home( keep in mind, its all properly zoned). one 3 family home can be sold for 800k(market price). Very low taxes. My problem is that this is not my specialty. Should I find a contractor and partner up or just leave it alone? Any suggestion.
I say go for it, why ever pass up a good deal. Read a book or two and talk to some of the rehabers on here. Im a newbie and just started my first deal, so i cant tell you much about how hard the rehab process is, but learning how to rehab isnt hard. BTW, how did U find a deal in NY if you live in CA?
As long as you have done your due diligence and know what you are in for, why not? Fully inspected so there are no surprises, and have a pro cost it out if you are unsure of the fix up costs. Everyone has to start somewhere.
Do due diligence on the contractor too.
to doll
send me your e-mail address and i will help with your situation with the handyman special in new york
my e-mail is **Please See My Profile**