Deal or no deal. First motivated seller, Major rehab needed!
Property in Medford, MA. Not listed on MLS. No For Sale sign posted out front. City inspector says the Attorney General has gave warning to owner that they will take possession, fix it and offer it to the owner for rehab costs.
Since looking at this property, I realize that this is a Total Rehab. I believe the owner is motivated, but not exactly sure. I heard news that the neighbors are complaining about the house.
Tough property for a first flip. Owner says the inside is gutted out in some areas, although, I have not seen it, yet. Owner said to call him for viewing. All window frames rusty. Ancient windows. Boarded up windows on ground floor.
Needs new windows, roof, holes in the area directly under the roof, I do not know what they call this area.
I want to make some money, although, estimating repairs for this type of rehab is going to be Real Difficult for me.
No grass, needs landscaping. From looking at the house, I estimate tear down or $150,000.00
I downloaded a program call Rehab Valuator Lite to see if I can estimate, but I still don't feel too comfortable when working with a house that needs this much work.
I am afraid, I will sit on this and not get a penny. I could take my chances and bird dog it, but I will only get $1,000.00 or so.
I talked to a Contractor that I know personally and he did say he would come in and give me an estimate. This particular Contractor has a reputation for good work but pricey. Do not know if he works with any Investors.
I told this owner, I would get back to him in 24 to 48 hours and today will be 24 hours.
How should I estimate the major repairs here?
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