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Started By
Message
Any of you ever rehab a house?
Posted on 12/1/13 at 5:13 pm
Posted on 12/1/13 at 5:13 pm
I haven't, but my wife and I have run up on a intriguing opportunity.
Home sold four years ago for $480k. Abandoned two years ago. Bank has it listed for $236k. Its got probably $100k in repairs needed, mostly coming from a master bathroom that had a major leak, even rotting the baseboards in the adjacent dining room.
There's also a roofing issue that has caused one of the bedrooms' ceilings to collapse. Other than those two things, its a lot of minor things (moulding needs to be replaced in some areas, cabinetry needs some attention, etc.)
The realtor told me it could be done for $50k. I'm calling BS because I've talked to two general contractors that say redoing a bathroom that nice would be $50k itself. Then there's the issue that the water damage could have some mold involved.
Worth pursuing or don't mess with it?
Home sold four years ago for $480k. Abandoned two years ago. Bank has it listed for $236k. Its got probably $100k in repairs needed, mostly coming from a master bathroom that had a major leak, even rotting the baseboards in the adjacent dining room.
There's also a roofing issue that has caused one of the bedrooms' ceilings to collapse. Other than those two things, its a lot of minor things (moulding needs to be replaced in some areas, cabinetry needs some attention, etc.)
The realtor told me it could be done for $50k. I'm calling BS because I've talked to two general contractors that say redoing a bathroom that nice would be $50k itself. Then there's the issue that the water damage could have some mold involved.
Worth pursuing or don't mess with it?
11
Posted on 12/1/13 at 5:15 pm to anc
If you are going to hire someone to fix it all, I doubt it is worth it, if you are handy and can do a good bit yourself it may be worth looking into
Posted on 12/1/13 at 5:16 pm to anc
don't mess with it.
However, if you're not going to heed my advice, get a really good inspector, and a really great realter. Make sure before you buy that you know everything that's wrong with the place and budget to spend double of that estimate and still make profit. Make sure the neighborhood is great as well. There's no use fixing up a home only to make it the nicest home on the block so you can't sell it.
However, if you're not going to heed my advice, get a really good inspector, and a really great realter. Make sure before you buy that you know everything that's wrong with the place and budget to spend double of that estimate and still make profit. Make sure the neighborhood is great as well. There's no use fixing up a home only to make it the nicest home on the block so you can't sell it.
Posted on 12/1/13 at 5:18 pm to Tigerpaw123
That's the other thing. I can barely hammer two pieces of wood together. Its not something I'm interested in but my wife watches a lot of HGTV.
I am only intrigued because I may be able to invest $300-$325k and get a pretty nice $450k+ house.
I am only intrigued because I may be able to invest $300-$325k and get a pretty nice $450k+ house.
Posted on 12/1/13 at 6:16 pm to anc
I'd stay away. Start smaller.
Posted on 12/1/13 at 7:31 pm to RebelOP
Definitely talk to a realtor that deals with a lot of investors. The first thing I would do is find out where homes are moving the fastest and buy there. In our market flippers usually stay under the 200k price point after all repairs are done.
Posted on 12/1/13 at 9:43 pm to TigerRealtor
Not trying to flip. The house is in a great neighborhood and I would live there. Its some upgraded countertops and some outside work (in addition to the needed repairs) from being our dream house.
Posted on 12/2/13 at 6:09 am to anc
are willing to live in a construction zone for probably ~2 years
Posted on 12/2/13 at 7:57 am to anc
quote:
I've talked to two general contractors that say redoing a bathroom that nice would be $50k itself
Complete gut of the master bathroom? I find that hard to believe that it has to be completely cutter and the price seems very excessive unless you are in Cali or NYC, and even then. Got any pics?
Posted on 12/2/13 at 8:39 am to anc
quote:Depends. Seems like a low presumed profit margin compared with the repair costs and damage involved. If you like the neighborhood and want to live there for several years, may be a different situation. If you're looking to refurb and flip though, sounds risky at best.
Worth pursuing or don't mess with it?
Posted on 12/2/13 at 8:50 am to wickowick
I don't have any pics.
The master shower will definitely have to be torn out, and at least one wall. Not a complete gutting, I guess.
I'm trying to set up a home inspection so I can get the laundry list- because its as is/bank owned, I have to get special permission from the bank.
The master shower will definitely have to be torn out, and at least one wall. Not a complete gutting, I guess.
I'm trying to set up a home inspection so I can get the laundry list- because its as is/bank owned, I have to get special permission from the bank.
Posted on 12/2/13 at 9:23 am to anc
quote:
Its got probably $100k in repairs needed
So probably 200k when all is said and done...
Posted on 12/3/13 at 12:48 pm to NC_Tigah
quote:
Depends. Seems like a low presumed profit margin compared with the repair costs and damage involved. If you like the neighborhood and want to live there for several years, may be a different situation. If you're looking to refurb and flip though, sounds risky at best.
Agree. Probably would not touch if you are not going to repair on your own or tight with a contractor that will cut you some slack on repair costs. However, if this is going to be a move-in after repairs are done, you might save some money off what current listings are going for.
Posted on 12/3/13 at 12:57 pm to anc
quote:
I can barely hammer two pieces of wood together. Its not something I'm interested in but my wife watches a lot of HGTV.
I don't mean to tease, but this is hilarious
Posted on 12/3/13 at 1:03 pm to anc
My parents bought a 3,300 sqft house in 1983 for $41,000. It was in such disrepair they wouldn't turn the electricity on until the house was rewired.
After getting the plumbing and electrical working they went room by room with the repairs with my dad as the GC. Took them 18 months and about $50k then, but they still live in it today. Its gone through another renovation cycle of upgrades since, though and is 110 years old.
After getting the plumbing and electrical working they went room by room with the repairs with my dad as the GC. Took them 18 months and about $50k then, but they still live in it today. Its gone through another renovation cycle of upgrades since, though and is 110 years old.
Posted on 12/3/13 at 1:21 pm to anc
quote:
sold four years ago for $480k
Which means even without the damage, it probably would sell for a good bit less in todays market.
Posted on 12/3/13 at 3:34 pm to anc
quote:
mostly coming from a master bathroom that had a major leak, even rotting the baseboards in the adjacent dining room.
if the house turns out to have mold you are going to be fuuuuuuuuuuuucked!!!!!!!!!
Posted on 12/4/13 at 8:29 am to Alabama Slim
quote:
if the house turns out to have mold you are going to be fuuuuuuuuuuuucked!!!!!!!!!
At least the OP knows this going in. You would be fricked if you bought the house then found out about mold. Could be a negotiating point with the bank to maybe lower the price.
Posted on 12/4/13 at 8:43 am to Alabama Slim
quote:
if the house turns out to have mold you are going to be fuuuuuuuuuuuucked!!!!!!!!!
Why? Stop the moisture that caused the mold, removed the damaged drywall, spray antimicrobial and fix. It is not a big deal...
Posted on 12/4/13 at 12:56 pm to wickowick
quote:
Its got probably $100k in repairs needed, mostly coming from a master bathroom that had a major leak, even rotting the baseboards in the adjacent dining room.
yep, just replace the sheetrock. should be fine.
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