Newbie Needs Help!!!!

I think I found my first deal. A one family built in 1953. It is in a very hot area where I live. It is the kind of area where people buy the house knock it down and build a better house. They are asking 300k the lot is 50x150. I plan on taking a heloc on my primary residence and paying cash. My question is once I have the house what shoul I do? Knock it down and build or rehab the enntire house. How do you know what to do? I apologize for being all over the place but I know this is a good piece of property but if I do the wrong thing I might lose. Any advice?

Comments(2)

  • JeffAdams24th February, 2004

    If the property is in decent condition, why dont you just paint the outside, clean up the yard and sell it as a handyman special? You could also do a complete rehab. I would go for the quick cash if I were you and make $15-$20k.


    Best Riches,
    Jeff Adam
    [addsig]

  • InActive_Account25th February, 2004

    Thanks for the advice it is greatly appreciated. Since its my first I probably will go for the quick out.

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