Updated almost 6 years ago on . Most recent reply
Newbie- Advised needed
Hi Everyone,
Looking for some advised or opinion here.. I am new to real estate investment world and have been doing a lot of property research in my local area.. This property was just listed and it seems to need LOTS of work- the current price is $100,000 the house has foundation problems (not sure how deep) and needs rehab work- House built in 1940 2,500 sq. ft 5 beds/3baths. The comps around the area 200k - the house next door sold in Dec 2019 for 190k 3 beds/2 baths 1600 st ft. I guestimated around 70k on rehab work.. Please see the picture and let me know your thoughts... My husband (business partner) believes this is way too much work for our limited experience... Thanks.
Most Popular Reply
Welcome to BP, @Emmy Sanz! Do you or your husband have any rehab experience? Do you have any friends who are contractors and could give you ballpark numbers? If you don't have any experience, I would leave this one to the pros. Foundation issues can be serious and affect many other portions of the house. You also have lathe and plaster walls, at least in that one area in the photo, and that complicates things if you want to do any electrical or plumbing work. I would steer clear unless you know exactly what you are getting into.