Originally posted by Dave Meyer:Hey Dave, I actually think I would rather flip it than use in as a rental. I was told I could probably get at least 45k out of it If I fixed the roof and did some cosmetic stuff, I was thinking about trying to turn that carport into a garage too as I think that might boost the price a little. I was told by my realtor, who flips houses, that as long as I don't spend much over 10k on repairs, I should do pretty good. Now if I actually did do that and got about 45k from it, I would either want to buy a little more expensive house, maybe 30k, than use my extra 15k to fix this one even faster! These are all just thought though, probably a lot easier to say than do, how does that sound to you Dave?Originally posted by Richard Evans:
Yea, it's vacant for now. I though about having my sister move in with me and she would just have to pay a couple hundred a month. I'm kinda lost now, I just want to keep on the path to success, I'm afraid if I just live in it myself It will take forever to fix it... I only make 9.65 and hour.
I remembered you don't make a ton of money, but you need to decide (as others have posted) what the best use is. What would it sell for, and what would it take to get it there? What would it rent for, and what would it take to get it there?
Or live there free and have your sister pay tax and insurance, possibly maintenance, via her couple hundred a month. You did save the 21k pretty quickly if I recall, so if this is attainable in your area you could just get another one pretty quickly.
Have you already done each of those calculations? If not, before you spend a ton of money it may benefit you to do so. Example, don't put granite in as if its your dream house only to rent it out to tenants who don't care.
If you want, post questions here and you'll get tons of different opinions.