Updated about 12 years ago on . Most recent reply
new construction house deal help!
My husband and I are newbies to house flipping and are trying to see if this house is a deal or not, maybe we could get some insight. In our neighborhood there is a partially finished house built 2006 that has everything done BUT rough electric, plumbing,HVAC, sheet rocking and all the finishes ( flooring, paint, kitchen, baths, etc. ) Also needs siding, driveway put in plus inspection costs. It is a big house 4000 square feet but built very well. The owners had it done custom but are in the middle of a divorce and can't afford to finish it. They are asking 185,000 ( we could go lower, how much?) with a selling around 380,000-400,000 on the low side. My husband has construction experience but not as extensive as this house would need, we would be contracting out most and doing some of the finishing ourselves. So does anyone have a ballpark of how much it might cost to finish a project like this? we were thinking $150,000 plus add on holding/closing costs and then I really don;t think there is a lot of room for profit unless if we got for a lot lower which I am not sure would happen. Any insights?? thanks!!