Older sfr's

[Solomon F.]

I was wondering if I should consider purchasing homes built before 1950. I have seen some nice deals on older homes but was scared off by my electrician. He told me many of these homes used an outdated wiring and I may need to rewire the entire house to bring it up to code. I was also wondering if these houses have lead pipes and paint. Pls advise me if you've had experience with these homes. Thanks

[Emily Lopez]

We have two homes that are somewhat older. 1960s, so not quite as old as you're talking. My first home, which I completely remodeled before I knew what "flipping" was, had been built in 1904.  It all comes down to price and factoring all the repairs in. If you know you're going to have to re-wire and re-plumb the house, then it has to make sense for the budget.  But if you factor that in as well as all of the other possible issues and realistically budget, there may still be room to profit if you get the home for a low enough initial price.