I look at a property today that was perfect. 3 beds 2 baths not everything in my criteria until I got to the fuse box. It has old electrical throughout the whole house. It was kind of a deal breaker for me being as I would not be carrying any walls down anyways so the electrical wouldn't be touched. My question is if I purchase and renovate the house, do I have to put in all new electrical throughout the house? To bring it up to code.
@Robert Obniski It depends on the condition and the type of the wiring. If it is knob and tube, I would just walk away. But if the wiring is in good condition, and it just needs an updated panel, that should run about about $2k. Not a deal breaker depending on the price and condition of the property.
Same thing happened to me...I found a property that like you said was GREAT! It had knob and tube wiring! I don't know why it happened but starting bid was 25k and it went to best and final several times...Ended up selling for 42k and arv is around 65k...I don't know how they will make a profit on that home!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!