Good morning everyone! Me and a buddy of mine are looking at a 4BED 4BATH house to buy for 40K cash (foreclosure) and we are looking at both flipping and rental. The house needs work all around, exterior, interior, full gutting almost. Any tips that I would need to know before buying this. How much per square ft I️ should be looking to spend, laws (Albany, NY) or just some general knowledge really. We would do the painting, tiling, cabinets, trim, granite, and hardware installing ourselves to save money. So any information would be great!
Congrats on your first house! First thing I would do is determine if it's a flip or rental, and make sure you and your partner are on the same page, as a flip will require a lot more work and attention to details. After you determine that, determine who your ideal client is-- and what will they pay?
My advice is that time is money-- just because you can do all the stuff, doesn't mean you should. One one of our houses, we did all the drywall ourselves, put us back 2 months... we could have easily got that money back by having it rented for 2 month before! If your budget allows it, contract out stuff and get the house done as quickly as possible. If it's a very low level task (ie: demo) hire some college kids to help around $8-$10/hr. No shame in getting help!
Good luck! Make sure you take a ton of before/after pictures!
For finding the right house, just make sure you walk around the block it's on. Albany neighborhoods vary greatly. In general the further south ones are more desirable.
For the flip, be very careful for asbestos. I don't know what risk you may face, but I only recently learned how prevalent it is in Albany. If you want to chat let me know, I'm also a new investor in this area :)
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