how much would this transformation cost? ballpark estimate

Bowling Green, KY · Member since 2012 · 17 posts · 0 votes

from something like this:
http://www.homes.com/listing/photo/168077768/1313_Fair_St_BOWLING_GREEN_KY_42101

to something like this:
http://www.designsponge.com/2012/01/before-after-modern-bungalow-renovation.html

assuming everything is relatively similar. re-doing bathroom, kitchen, living room, one bedroom only, and probably opening up a wall.
would this be a $10,000 project? $5,000? $20,000?

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Joel OwensBusiness Member

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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes

14y

Ivan,

You posted in another topic about an inheritance.I commend you for not going and buying a bunch of crap with it but wanting to invest it.

I have seen some friends inherit large sums of money in the past that the grandparents and parents sweat blood and tears for them to have and did without to give them a chance at a better life.

The friend was irresponsible and lived "high on the hog" for a few years and is now broker "working for the man".

I think what you are underestimating is what it will take to do repairs correctly,the time involved,and how buying incorrectly can wipe out a large chunk of your wealth.

Not knowing what kind of existing annual return you are getting on your money is a huge red flag.You have to compare the RETURN versus the RISK when moving money around or allocating a percentage of your portfolio of investments.

If you don't you are "shooting in the dark" and might as well take a trip to Vegas and play the slot machines with your money.DON'T talk yourself into something and say "it's not so bad".That is what I am seeing from your posts and is the number one mistake of new investors.

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how much would this transformation cost? ballpark estimate

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