My First Rehab , Now What??
iv found a 4/2 rehab project listed on MLS . its listed for 64K its seems to be abandon with boards on the window. im not sure what work needs to be done . ive seen other 4/2 homes in the area go for around 100k . im kinda lost on what my next step should be . any comments would be helpfull. <IMG SRC="images/forum/smilies/icon_confused.gif"> this isnt in CA its located in CT[ Edited by johnstaley on Date 03/11/2004 ]
Hi Johnstaley,
It seems like you can put the property under contract, and assign the contract to another Investor for a fee. Or, you can purchase the property yourself, and fix it up, and sell it, lease/option it, or rent it. It depends on what you want to do with it. But, if houses are selling in the area for $100k, and you can get this house for $64k, those numbers look pretty good, but you will need to do your due diligence on the property to make sure money won't be swallowed up in repairs, holdings, making sure it's free and clear property etc. Because, even if you assigned the Contract I believe another Investor would make sure it is a good enough deal for him/her to take it.
A more seasoned, and experienced Investor can probably steer you a little clearer than I've done, but maybe this is someting you can use. Also, I stand to be corrected by you veterans! I welcome your wisdom (smiles!).
Kathleen
thanks for the info . im trying to get property comps. but from what iv seen 100k is reasonable. i now need to find out what kind of problems this home has. one question how can i find out how long homes are on the market in this neighbor hood. i dont really trust any relators.????????