there is a realtor in my town that has a house that she will rent to owner to me but the house need a roof,electrical,drywall plumbing, painting, new kitchen sink & windows. the asking price is $15 thousand also she want $500 down an $200 a month. all this work I can do myself I am estimating that the material might cost about $5,000 to $7,000. I would like to know what every one think about this an give some advance on this property. thanks in advance
@Markus March so you think all in you will have $22k into it, what is it worth before and after repairs, what are rents in the area, how are you paying, who is going to manage, how long will it take, what is the neighborhood like - safe day and night, are you buying to flip, live, rent? May want to ask the realtor how she acquired it, what is her motivation to sell, and what is the least she will take, even then you can say well all I can pay is ___ and give a little lower price. Also, is the title clear? Could be a tax property and she picked up for a few hundred dollars but title needs to be cleaned at 2-4k. To me, ask yourself and her a few more questions and make an informed decision.
My plans for the property is to repair it to its full potential then rent it out o someone. Habitat for Humanity is going to build about nine houses in the area, they have already have built one house in the area it is across the street from the one that I am think about getting. Zillow has get listed for $51,368. The realtor says the house has clear title. I think she told me that the taxes are behind a few hundred dollars. before I get the house I will contracting the tax office in my county to find out about the taxes on the property.
As you have said, it needs a bit of work...if you are really wanting it that bad, try to use that as leverage to get a good deal. Still think you need to answer more of the questions I listed above to make a better decision. Just want you to be in a winning situation. Areas of Jackson can be hard to sell and rent, but for those willing to deal with the headache and hope that it may someday turn, there is the potential for a bit of profit.
Side note, I can remember they were basically giving houses away in DC, if the buyer lived in and rehabbed the house, now they are worth quite a bit depending on where they are located.
Here is one from craigslist and it may be worth checking out at only $8,500...
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