To Rehab Or Not ?

I bought a property with the idea to rehab and sell, thinking of using my home equity line of credit. I am having a second thought now, thinking of just posting an ad or an auction and sell it as a fixer, with a profit of may be $20,000.If I fix it ( would hire a contractor), would be able to make $50,000 for sure, may be more. But what if it doesn't sell in a reasonable time ( for me, 6 months after the rehab), I will not be able to keep up with my monthly payments? I do not want to rent. Property is in rural area of So,Cal. Any advice is appreciated.

Comments(2)

  • kenmax17th October, 2004

    20k for aquick turn isn't bad. if you are unsure of the the rehabb. or have more rehabb. than you have experience for a quick turn would be a good move........km

  • OnTheWater17th October, 2004

    Hello,

    20k in hand is better than 50k of maybes; what's more, there's less of a financial risk to you.

    Thanks,

    OTW :-D

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