Advice on Investing
Monday, December 07
Good evening,
I would like to know everyone's thoughts on the following scenario:
I have been doing some research in a particular area and found a home which I could purchase for 9K to flip however there is fire damage and I would be responsible for all C.O. and all certs required. If repairs average 40K and I could come up with the funds to fix it up and sell it for about 80-90K (hoping that the house would look good enough to sell quick since it's such an attractive price :( - would that be a wise risk to take (especially since I don't have a single clue as to that the heck I might be getting myself into)?
Any thoughts? Any questions I should be asking? Any feedback is appreciated. Remember, I don't have not 1 dang clue about what the heck I'm saying, I'm just thinking to myself that I am 2 seconds from choking myself at work from being so sick & tired of making someone else's dream come true and thought that perhaps I should consider some risk... So I don't know how dumb of a question this might be, but how will I know if I don't take a chance and ask - I appreciate any feedback. Thank you all once again.
Comments
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Jim Wineinger Reply
about 2 years ago
Since there is fire damage, I would first go to the county/city building inspector. This will give you an idea of just what they will require from you to recieve an CO.
Then you will need to contact those people to get estimates of just how costly that work will be.
This will give you a place to start. It will also tell you how troublesome the chore may be for you to accomplish. If you know what to expect, then you may be able to direct the project yourself, but if you do not understand, count of getting a general contractor to guide things for you. He will understand all phases of the construction needed (it will be more costly) but will save you headaches and mistakes in the beginning. By watching his progress you may be able to do this step for yourself at a later date.
Michelle G. Reply
about 2 years ago
Bless your heart. I REALLY appreciate your feedback Jim! Thank you.