I'm looking at occupying a outdated 1974 ranch with 2,436 sf and 3br/2.1ba layout with potential to convert the upper level (not a split level ranch) into a master and POSSIBLY adding a 5th br. I'm supposed to look at it today to actually see the layout. They're asking $200,000 and I plan to use FHA (FHA loanable btw) with a combo since I don't have any money down. My plan is to live there for at least 2 years while building sweat equity myself with no contractors. I also get a 10% discount at HD/Lowes.
My RE Agent supplied me with 11 COMPS but out of the 11 I only found 2 to be +/- 500sf, 10 years of construction and 1 br/ba
Of the two relative COMPS the sold price mean was $294,900 (I know that I need to pull more COMPS but it's a start) I'd be happy with $250,000 ARV
My question is does this property have good sweat equity potential? Is this a good longterm flip? Please let me know if more information is needed! Thanks!
How is it you're getting a 10% discount at HD AND Lowes?????
I've got a contractor card and mylowes account with lowes and I think the best I get is 2%.
Home Depot is too far but I have a menards contractor card for there too and 2% is it.
I've actually heard that HD employees don't get discounts so that can't be it either. And I'm thinking you don't work at both HD and Lowes. So how in the world are you getting 10%?
Please share if you can. :-)
@Mike H. I'm a Veteran! ;-)
Ah. Well done. Thats the first time I've seen anybody mention that discount. People helping people......
Its probably a bit of a curse too. I bet you have some friends/family that come to you whenever its time for them to buy their home depot/lowes stuff.
My only advice would be to never buy a pickup truck or you'll never have a free weekend again! :-)
And, of course, thank you for your service and the share.
@Mike H. Yes! Everybody wants a piece! Haha
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