Rental Property Investor · Cortland, OH (44410) · Member since 2019 · 54 posts · 11 votes
I’ve been looking for distressed homes that need some work to flip but I’ve walked away from many houses that need more than what I’m willing (or know how) to do.
I tend to walk away if the house has some crazy weird layout, floors that aren’t level, and bad foundations.
Generally speaking, when do houses become too distressed for you?
Rental Property Investor · Port St Lucie, FL · Member since 2019 · 150 posts · 79 votes
7y
@Logan Reinard every deal is different, depends on what you buy it for and the market. If the numbers work and you have a good contractor could be a win.
Investor · Quilcene, WA · Member since 2017 · 230 posts · 169 votes
6y
What is too bad is relative to your skill, costs etc. Unlevel posts, in our skill set. Unlevel concrete slab, we would have to pay someone. Excavate the basement, reseal and backfill, costs money and may be difficult now due to lack of space to navigate equipment. Right price, right ARV it all can be done or totally not worth it.
Major mold and rot, probably a tear down. We figure cost of vacant lot with utilities, subtract cost of demo, that is what we need to pay to make it worth while.
We looked at a house that had failed septic and no way to permit a new one and no community sewer. Not worth it. If there were a community system or a new permit would be allowed then maybe, but the price needs to be right.
I think you should work with what you feel comfortable with and just ensure that the numbers work out. If you only feel comfortable with paint and carpet type rehab then do that. Around here, we have found it doesn't pencil out for us.