Trashed Property
I need some help please. I ran across this home which has been trashed cosmetically. It should not take much to get it back together. The home has been on the market for three months in an area where homes sell within a few days. It has the lowest price per square foot on the market. The owners are out of town and they want to drop the home but I'm not sure if they have the time to wait. There is about $100K in equity in the home right now. I know that I can sell it for $30-40K more than it's current asking price after I get my hands on it and spend $10-15K on it.
I'm thinking about flipping it with a contract agreement that I will fix it up and sell it at a higher price. Then current owners would agree to there asking price or maybe I can negotiate something less.
Does anybody have any suggestions?
Only point that I have is that cleaning is a lot different than fixing problems. My last rehab was full of cleaning which I absolutly hate. Keep this in mind when purchasing a trashed property. It is often a LOT more work than one would imagine.