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