Found a off market home.

[Matthew Johns]

My wife and I found a home for 240k off market in a neighborhood(like b- c+ neighborhood) where homes are being listed at 250k-275k in MN (Don’t forget people are over bidding homes 15-30k on homes right now. Maybe more with certain homes) House needs work but nothing to huge. I am a plumber and can handle most projects myself. Also I am connected to many men in the trades which could lower my cost and help me or give me knowledge. sewer line to street may have roots in it and potentialy may need to be replaced or snaked. Which I can actually do myself. I can use a mini and fix it too and dig it up. (Have experience in locating and digging up locates) roof has a potential small sag but my friend works in roofing company and can help me fix it. I can remodel the bathrooms(they need to be fixed and remodeled but I can do all of it) the house wreaks of pee and it needs to be cleaned of the piss smell. Also everything’s need to be repainted and trim needs to be replaced. Was just wondering if an experienced investor could help give me with advice on if this is worth my time. We want to fix this home up to force equity on it and potentially sell it for more or rent it and hold it for a few years then sell and trade up to more rental property’s. Thanks any advice would be helpful

[Jonathan Greene]

I agree with @Jonathan Styer and would say you probably need to be under 200k to make it worth it since you don't know what you don't know as a new investor and just because you know people in the trades does not mean those will be deals and they will do that work on their off-time which means delays. If the sewer line needs to be replaced, you could be looking at 10-15k, if you weren't in the trade, but there are permitting and street closure issues for connecting to the street. It sounds like you are describing a wreck of a property with rose-colored glasses to me. Urine doesn't just disappear.