All Forum Posts by: Galit Garsiel

 Is it vacant now?  Read your bylaws to see what the rules on renting are.  The ones in my area that I have read the rule is you needed to own-live in the condo for two years and then you could rent it.  But out of the entire community only 20% of the condos were allowed to be rented out in total.  You just want to research how a renter would transfer over to a new owner.  

I'm assuming you are talking about a condominium.  

If you talk to a lender they will walk you through it.  Basically you will make an offer contingent on the sale of your current home.  I wouldn't rent it out because if someone is looking to buy they won't want to deal with renters.  Also, in Michigan, most condos you are not allowed to rent it unless a few rules are followed.  

Your best bet is to make your home beautiful.  Is the paint looking good?  Anything you can update?  (Lights, faucets...)  Clear out as much as possible so they can picture their stuff in there. 

Find a lender and get pre approved.  Then find a great realtor to help you list.  Im in the Detroit area if you are close.  Or happy to find you some good help.  

:)

@Galit Garsiel

This is so impossibly difficult to answer which is why you have between "50-200k more or less" answers. 

How many cabinets are there? What is "fixing the kitchen?" This could mean refinish the cabinets and be done with it, it could mean new cabinets, new sink, plumbing, new appliances, hardware, etc...

Making the garden look better? What are you doing here? Mowing the yard is $50 and that would make it look better. If you're putting trees/shrubs down and mulching that is much more. What kind of tree are you going for? A small one would be $125, do you need delivery and install? That's now double the cost. A more mature tree and you're paying $600....

I finished a mid grade renovation that was mostly all cosmetic for $35/ft and I did a high end renovation shortly after that for $62/ft with much better finishes. Each house was built the same year and needed the same exact amount of work but the neighborhoods were different, one required a certain level of finishes that were higher than the other.

You really need to narrow down your question to market location and scope  of work.  

I don't have a garden, because I live in an apartment. The bathroom is a bit old, and the kitchen is OK, except for an old window that gets stuck. Same problem in the living room, old shutters stuck and broken. Peeling walls. 

I have a rule of thumb, it has to make at least 30k

As you said, it varies a lot . . . . it depends on the market.  In one of our areas you can buy properties for $40K or less and on a flip make $20K.  In other markets, flippers do not get dressed for $20K but then they are paying $400K for properties.  So it depends on your market and what the spread is between buy and sell.  Thankfully we are not in the 400K and up market as it makes it easier to buy and flip properties.

I can sell my apartment for approximately 400k, and most apartments are more expensive, but I can only afford apartments that aren't more expensive than mine. 

 NO WAY, connect with someone doing deals, show them the property, flip the contract, earn a fee, learn then apply what you learn. Do not go it alone unless you want to get crushed  

Good Luck