Appreciate the replies. IN a nutshell: I"m not one who watches HGTV and thinks "oh this is fun, I'll be rich". I've done ok in my previous business life for 20+ years, sold my company and have been retired the last few years (I'm 48 now...). Own a few townhomes - steady rent. I have a real estate relationship in Atlanta (I live in Philly - long story) and my realtor is my property manager - all is well. In 2022 we made perhaps 15 offers - got close on one - but that was it.
In a rarity for me I'm starting to get antsy. I do not have a buyer's agent here in PA. I don't have a "team" ie contractor because, well, I can't see some GC wanting to meet me for a social coffee visit when I have no project to speak of.
I'm almost to the point where - screw it, I' want to buy something - and then - well, I'll have money vested in it and it'll be time to figure out how to get it done. Yes, its rash - hence I've not done it as everything in my business past was massaged, planned out, to a fault.
On a unit like that my inexperienced self tells me that the 50-60k is right on....and I'd assume new roof, new HVAC is needed (I drove by it). So I'd say 100k in rehab. Plus - 15k in holding costs over a 6 month period. I feel the house sells for $395k so after 24k in commissions and 15k holding costs..........390k-39k = 351k. -15k profit = 336k. -100k rehab. I'd have to buy it for $236,000.
$15k profit is light. But my holding costs contains $5000 in profit because that's me, "charging myself" interest on that money being tied up so in reality I'd be making $20,000.
I'm wondering on listings like this do I just email the listing agent, say I'm an investor, and I'd offer $236k with sole contingency being foundation of house?
Starting to think I need to do this 50 times with homes of making 1 transaction.
Then if I own the house - I'd learn, maybe a bit the hard way - how to line up the right GC. But if the $100k budget is realistic - - how bad can it be.
