All Forum Posts by: Aaron Chasse

Great info! Thanks Steve

Great replies... I did end up going to the house and it was in a lot worse than I expected.  It needed everything... literally everything.  Offered him$20k... obviously he said no. 🙂

Thanks for the honesty Michael... you're correct...

Has anyone found a profitable value add by adding a 2nd story to a small 2 bedroom house? Obviously, there are a lot of factors that would need to be addressed, but just seeing if anyone has found success with this strategy.

Thanks

So, I have found a property that a guy owns free and clear. Right now, his stance is that he wants to sell the home for $79k. He is willing to hold a mortgage, but wants $20k down. ARV is in the $110-120k range. Sale also comes with an empty lot next door ($5k value) Everything needs updating, and possibly a new roof (havent seen the home yet)... obviously, based on the above info, this is not a great deal.... but, my though is, instead of using my $20k down, we find a way for me to do the rehab with that 20k, and then we sell the house, and split the profit. But the profit would have to be based on a lot lower price than the $79k.

Can anyone see a win-win in this? Anyone structured a deal like this?

Has anyone had firsthand experience buying a house that is just a bunch of additions on to the original house? There’s a house I’m looking at, and I’m pretty sure I  can get a great deal, but I’m not getting a vision on how I could fix it to be visually appealing. If you have before and after pics, that’d be really helpful.