Luxury Home Advice
Happy New Year Everyone!
Yesterday I went to see a home that a wholesaler called me about. It's in a very nice section of town with great schools and lots of luxury homes. The house is new construction and the person who built it just ran out of money.
All the big stuff is in place and the drywall is up. I would just have to finish it, including painting it, adding some flooring, a lot of fixtures (toilets, vanities etc.), and put in a kitchen - I'm guessing about $100K to do it right.
The asking price is around $300K. I am getting all sorts of estimates for the ARV between $525k and $700K. I'm wondering if anyone else has done this before and how did it go? I have flipped 5 smaller homes and duplexes before, but have not taken on a project of this size. I realize comps are harder to figure out at this high end, but I would appreciate any advice. I can raise the funds to buy it and fix it up, but I am trying to determine if it is worth it. Thanks.