I'm looking to do a complete rehab on a house in Benton Park. I would like to buy pretty much just the shell of the house and completely redo the inside. My budget is around $200,000 and I would like to hire a contractor to do the work. My question is this realistic in the Benton Park, MO area? If so what are the steps to take to get started?
When I started looking for a property to flip last summer the first place I looked was Benton Park and Benton Park West, From May to August I probably looked at 40 houses or so, made over 20 offers but no got accepted. Property in Benton park goes very fast, especially if it isn't in bad shape. Understand your looking at homes that are 100+ years old so the majority of your $200k budget will go to the rehab From $100-$120 of it give or take. With that being said, if you can get a good deal on a property for say $60k or under then you should be able to do a full gut rehab for your budget.
As far as your next steps, start looking at ALL property for sale in that area, have a realtor start giving you email drips daily for those zip codes. The realtor I worked with in that area was good, her name is Amy Gordon with Hermann London Realty. She knew the area well. As far as estimates, I have used John Skaggs with JDS properties. You can google him or his company, they do Tons of flips in south city so he knows all the issues you can run into and give you a fair price on a rehab.
Good luck and let me know how it works out! If you have any other questions let me know.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing