Run-down Properties Question (?)
What are the most importants things to check or to do
before buying a run down property So we can profit
either by selling or assigning.
Any feedbacks appreciated. Thanx
What are the most importants things to check or to do
before buying a run down property So we can profit
either by selling or assigning.
Any feedbacks appreciated. Thanx
look for the worst house on the best block,stay away from structure damage issues,install or up date kitchens and baths and light fixtures and always paint the inside and out,and if you get lucky and find a decent allaround handyman jack of all trades type,keep him happy and busy,remember he is working to earn money so you can make money,always pay him fair and allow him to make some decent money on some of the prodjects,and consult him on the properties you are looking to purchase
Be totally positive withn a couple of thousand dollars what the house will sell for when it is done. Without knowing where the finish line is it is a waste of time to run the race. Pulling comps is a good start, but nothing beats knowing the neighborhood. The only way to do that is to go and look at every other house for sale in the neighborhood. That gives you a clear idea of what features and conditions are selling for what, then of course you have to get past the asking prices and see exactly what they are selling for, back to the comps and then drive by those houses. By the time you get done with all that you should be able to put a selling price on the house you are looking at within a couple of thousands dollars of what it will actually sell for.