Updated almost 6 years ago on . Most recent reply
Need advice please! Garland, TX
Hello everyone, I bought a 4bed/3bath house in Garland, TX that needed some work with the plans to live in and fix it up over a few years and sell afterwards. I believe I have made a mistake and need some help figuring out my best options. At every corner the problems keep coming up and now I'm not sure if I can fix up the house for less than the profit ill make from the sell. I also did not do financially as well as i thought over the last few years and so I don't have all the money it would take for a flip. My girlfriend and I are ready to move out of Texas and wash our hands of this house.
My questions are, should I sell as is? Fix some things and leave others? Find an investor to help with the flip? Sell on my own or with a agent?
Some of the problems are, foundation repair needed which has caused a lot of drywall cracking so paint is needed everywhere(piers have been installed in all the house but not around the garage which has sunk and caused quite the crack on the outside wall). All three bathrooms need remodeled. The kitchen needs new counters and the cabinets need painted/replaced. The wiring in the house is causing lights to flicker and the electrical panel is full. Pool needs re-plasterd and a new deck. And the back yard needs a new retaining wall. Im sure there is more repairs/cosmetics that I've missed but you get the point (in over my head).
Any and all advice is very appreciated!
Thank you!!!
Most Popular Reply
I would view it as a business decision. What is the current value of the house? What is the potential ARV of the house and what is the cost of fixing it by yourself vs. getting a contractor to do it for you?
Once you have these numbers all lined up, your decision would most probably be a lot easier to make: sell now, flip on your own, flip with a contractor (using your own or outside financing)