New guy saying hello
Hello Bigger Pockets,
I am a 48yr old ex construction worker / general contractor. I live in the far southwest suburbs of Chicago and am reading up and studying into buying houses at sheriff sales and fixing them up and selling them.
I'm not so much interested in making a quick buck but would like to make some money. I became severely disabled back in 2004 and since then have general contracted 2 homes and a dozen bathroom remodels all geared toward wheel chair access. I am a wheelchair user myself.
Before my disability I worked in construction for 15yrs remodeled 1 home I lived in and built my 2nd home.
I'm currently trying to research hard money lenders and any tax implications there might be for me as I am on SSDI and collect a disability pension.
I'm thinking I might be able to buy a house at sheriff sale for around 70% ARV and that's assuming somewhere around 30-40k on rehab work inside doing the kitchen,bath redoing carpet and flooring and patching painting drywall throughout the house from the neglect/abuse of the foreclosed homeowner.
In my research I know to check for secondary liens and back taxes. The cost and timetables for evictions and the maintenance and utilities that will be required during the process.
Is there anything I am missing in the expenses I will incur ?
Anyways I thought I would introduce myself. I'm browsing through the forums for information and I'm going to go observe a sheriff sale next week.
I've researched 5 properties for the auction as a trial for what I would pay and how much they sell for just to see if my plan is feasible.
Good day to everyone,
Tom