Rehab Questions
Ok a rehab project popped up in my area. Price on it is $50k.
http://www.bismarckmandanhomes.com/mls_detail?mls_number=307999
Thing that worries me about it, is that it is already freshly sheetrocked. Why would anyone do all the **** work and then just stop? All thats left that needs to be done is flooring, paint, appliances, furnace, some plumbing, sinks, etc. Easy stuff.
So does anyone think they are trying to hide something by sheetrocking it? Maybe water problems or mold? I just dont see why anyone would do that much work and then just stop when theres not much left to do.
This is something that happens more than you might think. They probably ran out of money and don't have the resources to finish the project. It could also be that they were in over their heads. Many people have the fantasy of rehabbing a house only to find that it's not as glamorous as it looks on TV. That could make it a good deal for you.
:cool:
These are the houses that you want!!! :lol:
The least profitable thing to do on a project is the drywall. So you should always focus on homes that have already been done, or that can be repaired easily.
Given the current climate, it is not all that uncommon to come across homes that have 50% or more of the work complete. Like Richard said, many folks run out of steam and money. Many of them paid a contractor only to have their money stolen, and maybe more than once!
Could they be hiding something, maybe.....but when it comes to mold/mildew, you should be able to smell, or at least see some signs that a person was doing shotty work and trying to cover things up. They usually do not do that kind of stuff very well, or they would just fix it correctly in the first place.
My advice would be to send your most trusted contractor out there right away and get his opinion. If the property makes the cut, and the deal makes sense.....MAKE IT HAPPEN!!!
Good Luck!
Harrison
If you're worried what's behind the sheetrock cut a few holes and look. It's relatively simple to repair the holes.
go in the attic and check for fire damage above the kitchen. A keen eye and you should be able to figure out what was going on. Also, ask the nosey neighbors, they always have the scoop.