Quote from @Patrick Bartlett:
Hi Marcus. Are you using a TREC contract or did you find an off market property? I would get an inspection done if you don't know what you are looking at. An inspection is not fool proof, they don't go deep into anything but they touch everything. If you don't have experience in rehabbing a home I would also bring the contractor you intend to use over to take a look at it and let give you an idea of what it is going to cost. Even if you don't have an option period I would do this, I would rather lose a couple grand by breaking the contract than possibly 10's of thousands by purchasing a money pit. If you do not have a good idea of the ARV than I would reach out to a local Realtor so that they can give you an idea of what you should do and what the value will be on once you are done.
Congrats on the first step. The first is the hardest.
Thank you so much for the reply.
I am excited, while also nervous.
Yes I have my contractor coming tomorrow and the inspector on Friday. The biggest thing I am worried about is the plumbing. I would need to get a new HVAC I know that for certain. I had a foundation guy come by and check it out. He said it is still in good standing. It’s a pier and beam.
in terms of numbers bought for 189 houses comps are going from 275-300 depending on the level of effort you put into the house. Looking at 20-40 thousand in profit depending on how much the contractor prices us at. The hardest part is the concrete in the driveway is shot and would need replacing and their is a separate detached garage that would need demo. Probably will put a car port in instead of another detached garage and use gravel.
