Thomasville Georgia BRRRR

[Gary L dart]

I'm having to put Tallahassee, FL Because Thomasville, GA Is not an option. I have a property that I bought very cheap and planned to rehab, the rehab turned out to be way more than expected, a full gut job! My question is since I already bought the home, should I go ahead and get the financing to do a rehab and the refinance. There's no comps in the area yet because all the homes are flips and haven't sold yet so I'm nervous to how much the appraisal may or may not come out as. Is there a better way to pull comps, or should I put energy into another project?

[David Daniel]

Hey Gary. I usually just go on the tax assessor and look for recent sales. Or I go on Zillow and use their “lot lines” nap feature to view houses that have recently sold. What’s the square footage of the house? Generally, if I’m in a run down area and I'm going to spend a ton of time rehabbing a project, I’m going to want a larger home (within reason). I don’t want to have a 900 square foot house that won’t appraise high because of the $/SF comps. If that makes sense.

Is the house coded meaning everything will have to be brought up to code? I can tell you the city is a nightmare to work with. Even worse if it’s in a historical district.