Anyone working on rehabs now or soon?

Question

Hello!
Is everyone having fun yet? Just wondering who is working on a residential rehab right now? Which city and state are you in? Or if you aren't in the middle of a residential rehab, is there anyone out there about to start one after you close on a property soon?

I have a bit of real estate and investing experience and I've got some extra time to help anyone out if I can. Knowing the right stuff can save you both money and time if you know how to do things right.

Have a great day!

Nick Albin · Answer

I have a couple of rentals that I got in decent shape. Not sell worthy shape though.   I am planing on staging in. I have all the rented furniture ready to go. I also have a friend who is a decorator. She is going to come over and give the house a womanly touch in exchange for dinner and a movie :P

I have a realtor that is a good friend and have done business with before. He did his thing and we both came to the same conclusion. (I went out int he area and checked out the houses to see where mine stood)

Thanks man. All in all its coming together nicely. Next time I get into one I will come bombard you with questions lol.

Kelly T · Answer

Lucky you! They did much of the work and then just said "Nah...I don't want to mess with it anymore...here...you take the profit!"

Just so you know, not all of your rehabs will be like that. Maybe if you didn't mind only doing one or two a year you might find some but generally no.

You said you're $4k into it. What previous rehab experience do you have? Do you plan on staging it for a faster sell or no? Staging can save you 3 or more months of waiting on the market if you want to get a good price quickly.

By chance did you discuss with a professional (like a local realtor or local appraiser or general contractor who knows the neighborhood) what the best changes to be made are for maximum profit?

I'm glad you're learning alot!

Tom C · Answer

What are you located. I am smack in the middle of a rehab right now and I am sure I can find all kinds of work for you to do.  :)

Nick Albin · Answer

I am actually in the end of my current rehab. I bought the place as a residence last year and I am finishing it up and getting ready to sell. I bought it for 65k and right now I am 4k into it and I will have the house on the market next week.  It was a great deal actually. It didn't need to much work. I bought it a year ago from a couple. They had started working on it and their friend had given them one of my business cards. They had a home out in the country and just didn't want the house anymore. They had a lot of the flooring and carpet re done but after that they just stopped and wanted out.

I put in tiles into the kitchen, bathroom floors and the tub surround. Had some carpet in one room.  Paint throughout the house. Landscaping. Well. .  you get the idea.  right now its just time to put some elbow grease in and clean it up. Its in an area where the comps sells for about 93k-98k.

I live in Louisville, Ky btw.  Any tips you might have or want to discuss please feel free.  This was my first real rehab and I learned a ton!

Where do you live at? I plan on doing another in the year if your anywhere close to Louisville.