How Much Rehab Work Is Really Necessary?
Has anyone here ever bought a rehab and rather then fix it all up, just paint and maybe landscape or put carpet in or?? I mean, is it possible to fix only a few things and turn a decent profit?
To answer your question, yes. I once mowed the lawn, swept the property, and clean out the left over debris and quickly turned it for $15K without ever picking up a paint brush.
I like the sound of that. Now, do you think that was a fluke, or that it is possible more often then people think?
Hey,
No...you can never do a rehab without massive repairs.
Yes...you can do a rehab with only a quick coat of paint (or mowing the yard).
Is that really your question?????
Isn't it more like "I have an idea that I want to buy houses that only need minimal repairs. Something like only carpet and paint. What do you think is the best way to find these properties??"
or
"If I can buy the house for $100k, do only $5k in repairs, given a one month completion scheudle, what is the minimum I should sell the house?"
Don't beat around the bush, no one is going to steal your idea and you will save a lot of time just coming to the point.
pinky,
It all depends on the return you are trying to generate. If sweeping and a little yard work can net you $5-7K and you are happy with that, good. If you are like me, and want to get $10-25K, you may want to do some more. It is up to the individual.
J.
I am a newbie, so to start 5-7k would be great. I have some rehabs in mind, but for the sake of time I am wondering if a coat of paint and new rugs will make it worth more to someone else. Particularly, i am looking at an old Victorian. I am walking through with a contractor later, but I have a feeling that this one might require more work then I am willing to finance.
hey,
Here are some words that do not go together: "Old Victorian" and "Small Amount of Repairs".
I would think that if the house was in a good condition (only needed paint), then the price would reflect that. But even paint is going to be ALOT of money.
Be careful.
its possible to do a quick turnaround depending on the amount. but a rehab that needs only paint is hard to believe the seller considers that a rehab,