Buy-n-Hold Rehab - pros/cons when to start

[Daria B.]

Ironic that I read an article by Brandon Turner today: 5 Questions to Ask Yourself Before Buying a Fixer Upper Property.

Well today I looked at one. I've never rehabbed to the degree that this property needs. I've done the small jobs like tile for the bathroom (small area), drywall, paint, and even both baths in my own home where the sink and vanity were replaced. Yes, in all these instances I got to demo, clean, and put in all the new stuff.

While I was looking around at the property I reflected on that article and thought, "is it time for me to jump into this". After all, if not now, when......

I did some analysis on this property before driving by and doing a quick skirt around the outside. I didn't want to be held for trespassing so I made it quick. Called my agent to see the inside this week. The property is in a good location (highly student rentable), 3/2 1400 sqft, 1956 built, double carport. Can't find a permit on the HVAC but it can't be the original either but looks worn. Hmmm does it need replacing?

While I was there I took some pictures while peeping from the outside to show those more proficient at fixing things like the ceiling and "innards" (duct) of the house and roof. Someone during the course of the past few years replaced the windows.

Already my assessment $$ is being recorded. Needs appliances and paint would be an understatement. Because the roof is completely tarped over, the rain that has gotten through has damaged the inside floors, ceiling and who knows what else. I see dark areas on the walls and am thinking "mold". So $$ for mold remediation, if that, but most definitely needs to be tested.

It's 17 days remaining into the 1st look OO so I wouldn't be able to do anything until that time. In the meantime, I'm still going to look at it and get a feel for what the costs will be to bring it back to life.

After I get inside to truly see this I'll have a better idea if this is beyond me for now. :-)