Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
8y
Roofing, siding and HVAC problems are pretty predictable cost wise. Those wouldn't necessarily be deal breakers as long as the numbers are "known" and work. Flipping houses is one place being optimistic isn't helpful. I'm really good at estimating costs and lousy at predicting times to complete projects.
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
8y
Roofing, siding and HVAC problems are pretty predictable cost wise. Those wouldn't necessarily be deal breakers as long as the numbers are "known" and work. Flipping houses is one place being optimistic isn't helpful. I'm really good at estimating costs and lousy at predicting times to complete projects.
Real Estate Agent · Grand Junction, CO · Member since 2015 · 1k+ posts · 736 votes
8y
@Phil Hartten I disagree with @Sam Shueh. Anyone can do the lipstick items. When the furnace is bad and the roof needs to be replaced then the house can't be purchased by "normal" people who need a "normal" loan. I take those unlendable properties and do the work necessary to not only make them visually appealing but also qualify for an FHA or VA loan. People love that the $3000 furnace is rolled into their mortgage payment - not something they have to put on their credit card 6 months after they buy... just my strategy.
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
8y
Rule no 1 when you purchase a home with the intend to flip. Never purchase homes that need major rehabilitation. Only fools will buy a total disaster fixer spend the next 1 year on it. Just stay away from these costly repairs. If I acquire a Victorian home with steep roofing, I am not even sure there are qualified roofers who can tackle the complexity. Where are you getting your bevel window glasses? In our area a/c permit now needs a leakage test witnessed by City inspector. 80% of homes built since 1970s here do not pass leakage test. So you install a furnace, A/C system finding out your permit application (~$1000) is denied to operate but you installed the new systems. Some ducts in older homes are not acessible anymore- Refer to Phil Hartten experience.