I have found a couple of REO houses that seem like they could be good candidates for a flip, and I'm interested in visiting the properties to get a more accurate idea of the repair costs that will need to go into these to be able to either resale them or rent them out.
I have two questions:
- What is the best way to get a fairly accurate estimation on repair costs (I have never done any sort of house repair work)?
- What are some of the extra things I need to be mindful of when buying REO property?
Any feedback is appreciated. I am just starting out, so I'm eager to learn everything that I can from everyone.
What city are the houses in ?
If your doing a fairly big rehab it’s about 25 bucks a square foot to gut he house.
Need way more details for an accurate answer to the questions.
@Daniel Howard , if you don't have experience estimating costs or doing the work yourself, there are some books out there you can pick up. Obviously, the prices for things change and can move up and down with the market. Another option would be to find a partner/mentor/contractor that has experience to go and check out the properties with you. Depending on how you would work with those people, you may offer to compensate them for their time.
@Brandon Norlund , I appreciate the reply. I'll check out some books on estimating costs. I'm really interested in going the partner/mentor route so that I can learn how to do a flip and get the experience at the same time. I'll probably go check out some contractors that I can pay to help me estimate the costs when I find a really good deal.
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