Bad deal already purchased what next
Someone I know recently bought a house to flip for their first time at an auction. Getting into the demo they quickly realized this was a way bigger job than anticipated. It’s a structural night mare (foundations and framing), needs new plumbing electrical hvac. You name it. It’s a bad deal for what they paid and it needs a lot of work to be done to fix it properly and put on market.
I am new to investing but I have construction experience, I want to help them but I want to know what would be the best strategy moving forward? Would you hire an inspector to go through and get a list of everything that’s wrong or what? What have you all done in this situation? Because I know that they aren’t the only ones who have done this.
Any advice is appreciated.
Thanks.
Most Popular Reply
@Cullen Hall
Very simple to remedy this and stop the bleeding
Run an ad selling the house owner finance preferably to a guy who’s handy that can’t get a bank loan .get atleast 10% down ,write up a note for 30years at 9.9% interest and let him go over budget fixing up your house ! you’ll make much more than a flip without landlording headaches or liability of a construction project . There’s a reason the biggest buildings in every town are owned by banks