Investor · Blackwell, OK · Member since 2014 · 52 posts · 17 votes
What are some of the horror stories out there when it came to rehabbing a property? What challenges did you face and how did you overcome them? What was the worst property you all have come across and did a successful rehab? I ask because the majority of the homes in my market are all close to a hundred years old and contain the majority of the things found in such homes. Knob and tube wiring, no insulation, old foundations, etc etc. I know im capable of turning a old neglected home into a gem as im doing it to my current residence but i want to hear others stories. Let me know what you all have come across. If you have before and after pictures that would be awesome!
I love it when they need everything. Its easier to budget for when everything needs to be replaced. My flips where I think I can save the hvac or patch parts of the roof have always come back to haunt me. Expecially when it comes to FHA buyers. I had a roof where we replaced 6 shingles and because they had not laid down and adhered to the layers below the inspector determined the roof needed to be replaced. I had a furnace that was in good condition but was older and the inspector stated that the heat exchanger could be cracked. In both situations its too late. We had accepted offers and needed to fix the problems prior to closing. So I have learned that if i fix them up front, I can market the improvements and raise my sales price.