I have been wholesaling houses for a while in Houston, Texas and today I am going to my first appointment in which the house has a pool?
Any comments from Buy and hold investors?
ARV is $155K
zip code 77084
Yr built 1981, 4 bed, 2 1/2 bath, 2099 sqft
I think I might get it under contract for $90-$100K
I appreciate your comments
Here's my joke for the day: If you include the money to cement it in :)
Honestly though it depends on the investor.
Your contract + repairs is almost at 74% value. Do you have enough wiggle room in there for your profit? I don't know your area, but I'd question how great of a deal this is.
Hate pools. They are money pits. But sometimes the deal is too good to walk away.
I have to agree with the other posts, I will not own a rental SFH with a pool Just another maintenance item and one I could not trust the tenants to keep up. A pool maintenance contract would eliminate any positive cash flow.
We fill them in as soon as we close so you have to get the deal 5K better than no pool.
Dean Letfus, Memphisinvestment.com | 901 264 8674 | http://memphisinvestment.com/
Thanks all for the feedback.
I will make sure to get it under contract and have some extra room to cement the pool.
@David Rundle I like your joke of the day
Unfortunately, at least here, we are required to rip out the pool. That is, crack it up and lift out all the concrete. We are not allowed to just drill it and fill in. The last quote I got was more than the cost to repair the pool. Considerably more than $5K if I remember correctly.
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