So, I saw an ad from a local church that they are looking to get rid of an existing house on their property that they no longer need. The cost to obtain said house looks to be fairly inexpensive, but I would need to "move" it off the property (think Texas Flip and Move if you are into those type of shows).
The house is 4/5 bedrooms, 3.5 baths and about 3,500 square feet (2 floors), so a pretty healthy size.....it's also not on a slab and apparently has some sub floor issues. Interior is bland / old, but not in terrible shape....but would certainly need to be updated (floors / paint / counters / bathrooms, etc.) if you are looking to get top dollar.
Long story short....has anyone ever done anything like this before? I would have to buy some land to put the house on (assuming you are allowed to do that, i.e. doesn't have to be a site built home), move the house (which comes with $$ and risk of something going wrong), and redoing the house (obviously more $$).
Just based on what homes are selling for in my particular area (and outskirts), and with the size of the house, you would potentially be looking at a nice potential profit, but would come with a significant amount of risk.
While I have some (not much) real estate experience, I certainly haven't done anything near this scope.
Was also thinking if I could "pitch" this to other investors and maybe get a finders fee, etc.?
I know this is off the wall, but anyone else do something like this??? Anything I'm missing or should be worried about (other than the stress of moving a 3500 SF house)?
@Chris C. My wife watches that Texas flip and move show. She said "we ought to try that." There is no way I would move and remodel a house for around 3-7k lol.
I actually do have experience on remodeling and moving homes though. I do work for a house mover sometimes when he gets in a bind. That is pretty frequent too. Here is what they dont tell you. If its too high you have to cut it down and rebuild it after the move. If there is sheetrock inside you will have to most likely refinish all of it as it will crack everywhere. Cost to move that house will be about 25-30k. It will never be perfect no matter what you do.
That said you can come out on them sometimes. What bothers me is it isnt snatched up yet by a house mover. If it is still available there may be an issue with it because usually the house mover get the good ones. I would call a few movers and give them the adrdress and see what they would charge for the move. I would venture a guess that they will not even need to go look at it because they have seen it already. You will likely get a price on the phone "sight unseen". If you do that may be a red flag. If you dont then it is brand new on the market and they dont know about it yet.