@Austin Suddreth how far away is this house from where you live? If it’s far away, I would sell as is to an investor, and take the cash and walk away.
If you haven’t done a rehab before, you could easily lose money. Assuming the numbers you’ve posted are correct, you could sell as is for 40k.
If you rehab it, you’re going to have 20k into it and sell for 80k. After closing costs you are left with let’s say 75k. So you is the 15k upside worth your risk?
20k rehab isn’t a lot and if it’s far away you could easily go over budget and lose money, or make no more than you started with.
Just some things to consider
It’s about 5.5 hours away from me personally. However my parents live in the same small town it’s located in. I haven’t tried to convince my parents to sell it yet and you’re right it may be easier just to sell it as is for the rough 40k profit. However there aren’t many investors in the area or people that would be willing to buy a house in that shape. It couldn’t hurt to see what offers I for it I suppose.
Thanks for the idea
Is it close to Abilene?
It’s in ozona Texas. Closer to San Angelo
It seems like you have been holding on to this for a while as you asked the same questions 7 months ago. I am somewhat familiar with Ozona as I have done some deals in Sonora and Eldorado. I would seriously explore selling it as-is especially being 5-6 hours away, lacking experience and not having contractor contacts in the area
Feel free to reach out as I do have an agent contact and possibly a contractor that I can share with you
Yea it’s really my moms and she doesn’t want to deal with renters really. She’s about to just sign it over to me and let me have at it and just split the profits. I recently looked up the tax assessment and it’s only listed as 12k. I know that’s not the true market value but we would definitely want a bigger return than that if we sold it. I would love a contractor connection if possible, at minimum to get a rough idea of repair costs for a flip.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing