All Forum Posts by: Anna Stairs

When you're in a hole, stop digging. I have zero experience on a house that old, and would never attempt to do one, because there's always things that you don't see until you start digging in. Windows should have been one of the first things done. Forget putting in hardwood floors, unless you mean refinishing them. Post some pics if you can to allow people to see the condition of the house, and other remodelers may be able to give you more detailed insight. 

Many areas have grants available to help with energy efficiency for windows, insulation, upgrading heating and air conditioning units, you might check on that. $1000 a window? You have to be able to get cheaper windows. How many bids did you get? 

If everything were done, what would the value of the house be? Please post pics. 

I went through a similar experience with a house in Wauwatosa, WI back in 2017. It was an old property and I hired unqualified contractors to do the work. Total nightmare.

But I saw the rehab through to the end, even though I lost 120K. It was still the least expensive option. Selling it unfinished to an investor would have net a 200K + loss.

Still, it was a valuable learning lesson and I ended up finding a new plumber, HVAC tech, painter and siding crew that bailed me out. I'm still working with all of them today. Because of their help, and the knowledge I gained, I earned the loss back (and a little extra) on the next two flips I finished.

Your situation may seem awful now, but you'll grow from it and make it up on the next one (or two or three).

Good luck Anna!

My very first deal I tried rehabbing a 100 year old house, 2,500 miles away. I thought I had a phenomenal contractor and team… I soon learned the hard way. I had to fire contractors, got ripped off, and had some serious stress and anxiety along the way. I had no idea how to get it done and I wanted to quit and never get back into real estate! I ended up pushing through, flew out to the city and “interviewed” multiple contractors in person. I found an amazing contractor that helped get the budget and project back in line and is working to help scale my portfolio. Huge learning experience but in hindsight, I’m grateful for it. 

It doesn’t always go as expected and I realize all our situations are different.. It may or may not be what you should do. What I will suggest is this: don’t give up after this project, however it turns out. Keep your chin up, remember the lessons you’re learning and do better next time. You got this! 

@Anna Stairs Avoid FSBO, do a flat fee MLS listing (~$150) and you'll get much better exposure and can work with agents who have buyers. If you need help with the paperwork, get a transaction coordinator (~$450).

That sounds like a tough situation with lots of learning lessons. I would probably list it as-is to see if anyone can take it off your hands, and simultaneously continue working on it so progress continues. Most likely no one will end up wanting it and you'll be better off taking it the distance. 

The only way an investor would want it is if the numbers work. If you can knock down the price to dump it, and it still makes sense for an investor, then that'll work. Otherwise, why would someone want to get into the same situation you're in? 

We had an investor reach out about a year ago and they were super nice. Got into a tough situation similar to what you described and they were trying to dump the property half completed. They wanted to sell it for what they had put into it, which would've put us in the exact same situation they were in, since they clearly overpaid. 

I think taking it the distance is your best option. Best of luck, praying for an outcome that won't hurt you for too long after!

Kerry, I'm not sure what you mean by "Make some wholesale deals and get the money back"?