Rehabbing My House In Another City
I live in North Florida, but my parent's house in Miami (signed over to me), is actually a great house to make some money with. A Miami investor was talking to me and told me that my house can be a great profit:
ARV: $375K
Repairs: about $10K
It is current free and clear. My parent's only thought it was worth $270k and we thought that was the best we could get, but this investor/realtor is confident that is probably not the case. My parents want to sell it and move up here with us.
I, too, am an investor and this could be a real nice PROFIT. My question is how would I manage to rehab my parent's house from over here when I am not familiar at all with the rehab situation down there.
Maybe I can find some kind of a partnership. What is the best way to capitalize on this situation this is "right on my own backyard"?
Robert
I don't see how this is really some sort of investment or rehab. It is simply a house you need to fix a little and then sell to a retail buyer like 99.9% of all normal realestate transactions in the country.
If you are going to benefit financially from the sale then invest some of your time and money , even if you aren't it is your parents so do it anyways, by going down there for a week, meet with contractors to bid on it and find out how much it is going to cost. Have your parents move out, fix it, put it in the MLS and sell it. Hire a lawn service to mow the lawn while it is on the market.
...and why did your parents sign the house over to you? I hope they did not just make a move that has somebody (you?) paying taxes on the house when it is sold.
Your post is confusing; give more specifics. Did they add you to title or sign over? Did you 'buy it from them?" If so, how?
Are you just asking how to find somebody to fix it up?
Quote:
On 2004-10-24 13:50, ceinvests wrote:
...and why did your parents sign the house over to you? I hope they did not just make a move that has somebody (you?) paying taxes on the house when it is sold.
Your post is confusing; give more specifics. Did they add you to title or sign over? Did you 'buy it from them?" If so, how?
Are you just asking how to find somebody to fix it up?
The reason they signed it over to me is because they are getting old and wanted to put it under my name for their retirement. No, I didn't buy it over to me...just changed names on the title. My question is how I would be able to trust a contractor to fix up my parent's house when I am not even down there to watch over them. Also, my parents still live there so they will have to deal with the renovating, etc. I am estimating from 10k to 20k in repairs.
Robert,
Rehabs advice seems on target, then.
Meanwhile, unless you know what you are doing per the tax laws, I would post this under the tax forum or talk to a professional RE Accountant. Your parents may have given up an excellent tax benefit by signing over their home to you.
Robert -
Another thought on this. Don't get too wound up on the word of _one_ real estate agent. If I were in your shoes, I would talk to several - and might even have an appraiser pull comps. Many will do that much for free - or a nominal charge at most.
You need _honest_ numbers right now, not REA-I want-to-get-your-listing numbers.
Just a thought,
Jeff
You are in North Florida - Miami is not a world away.
Talk to constructions companies in N Fl and see if any have affices in South Florida. Or find a property management firm to take care of it.
You can go to www.myflorida.com and check under dbpr (department of Business and Professional Regulation) and then construction to check on contractors and see if they have any citations and such in their backgrounds.
You should call up other realtors and tell them you are interested in houses in that area and find out what houses there are going for.
Robert:
You can rehab this deal from out of state no problem. You should fly out there for a weekend. Put a lockbox on the property and call up all your subs from the local paper. Meet them out there and get your bids. You could also get the demo and clean-up while you are there. Then decide who you are going to hire and give them access thru the lockbox. You could even pay your painter an extra $1k to coordinate the rehab for you...
Maybe you could also post if anybody knows of any rehabbers in that area.
Best Regards,
Jeff Adam
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