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Updated over 17 years ago,

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65
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65
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Posted

Hey folks, long time.. Well, after much looking, I have maybe found my first project.. It is a farm house type deal.. 1.8 acres.. Has a ranch at 1,500 SQ, 2 car garage, and another bigger garage, like a mechanic shop. Then in the back, there is another building, with 1,550 sq., upstairs and down stairs.. It's big, could be another house.. Has kitchen, bath, not to bad.. Can get for about $110,000... Comps average around $220,000.., but the ceiling is up there, around $300,000-$600,000... There are properties that can match this in the area..

Well, here is the problem.. What to do.. Do I just update the main house, and just leave the other 3 buildings alone, maybe just painting and fixing up in a minor way? Then let the buyer do what he wants?

OR

Rehab all to the fullest, and maybe use the back building as a in-law house..

OR

Demolish back building, and use the floor as a nice basketball court or tennis court, keep the big shop garage and modernize the outside, tear the front house down, and build a new house on the remaining foundation, with attached garage, and second floor giving a total of around 2,500 sq.

I MUST get 3 plans ( options ) together for my investor with-in the next two days.

My investor was thinking of making the back building a flat, and renting out.. But I want to make money, do this deal and move on..

This is a country setting, nice and quite, peacefull.. Ponds on two sides of the property.. I am trying to stress to him, that If one was to pay even $200,000...., the last thing they want is neighbors, in the country...

I think we can make some money here, as the land is valueable, but the renting thing has to be flushed from his desires..

What do you guys think? I'm really stuck here, KINDA

Thnks

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