I just fell into a deal and researching what to do next - 1800ft2 Colonial, 7.5 acres, owner was in trouble and all I had was $10k (owner owned free and clear) and they accepted. I closed on Dec. 28th . House is assessed at $210k, but, reality is The house needs some tlc - flooded basement, hoarder house, no structural issues, some mold from basement flooding, electrical issues. Wasnt really prepared for this...but trying to figure out next steps? I have been getting some quotes and so far - to make the house "decent" would mean at least $100k. The house is in a very rural area, nice street and nice homes, with avg value around 280, it is 10 miles out of closest city and not sure it is rentable.. was hoping for some guidance/ suggestions -
Uvalde, TX · Member since 2016 · 141 posts · 45 votes
7y
@David Richard
Sounds like a great opportunity. I had a similar situation where the house cost me $12,000 but the rehab is over $100k. The ARV is $220,000. One thing to be careful with is really watch that budget. With a big project like that, you will most definately go over projected budget. There will be unforseen issues and things that will need to be addressed. But, I think at that ARV, you will be fine.
Good luck!!!!!