To Rehab Or Not ?
I bought a property with the idea to rehab and sell, thinking of using my home equity line of credit. I am having a second thought now, thinking of just posting an ad or an auction and sell it as a fixer, with a profit of may be $20,000.If I fix it ( would hire a contractor), would be able to make $50,000 for sure, may be more. But what if it doesn't sell in a reasonable time ( for me, 6 months after the rehab), I will not be able to keep up with my monthly payments? I do not want to rent. Property is in rural area of So,Cal. Any advice is appreciated.
20k for aquick turn isn't bad. if you are unsure of the the rehabb. or have more rehabb. than you have experience for a quick turn would be a good move........km
Hello,
20k in hand is better than 50k of maybes; what's more, there's less of a financial risk to you.
Thanks,
OTW :-D