All Forum Posts by: Travis Donley

I'm not sure about carpet or laminate, but for hardwood installs and refinishing we just used Mister Sandman Flooring here in Chattanooga and would highly recommend them. They were incredibly meticulous and professional.

Thanks again for the replies, so here's what happened. We decided to try to pull the trigger, and we put in an offer about a week ago for 110,000 and seller pays 1/2 closing costs. The seller went with another "good" offer they received about 10 hours before ours. Our realtor ran some comps and came up with an ARV of 220-240K after renovations. That was around the ballpark of what I was thinking, so that bit of confirmation was nice. It would've needed probably at least 20-60K in work, someone has their work cut out for them. Anyway, just thought I'd give a quick update, I guess we'll keep looking (hopefully a less expensive one with less repairs!).

Hey Tyler, thanks for the input, I appreciate the advice. I definitely agree with you about getting investment goals in order. It's been a struggle because I've been reading and learning about real estate investing, but my wife isn't interested in learning about all the benefits, and just wants to jump into any big old house she likes, with little regard if it's a good investment or not, so it's frustrating.  I would prefer a multifamily, but she won't go for that because she's afraid of the lack of privacy, and she's idealized getting a "big house," whereas I'd prefer a smaller house because it's less of a financial burden. Plus it's just the two of us, with no kids in the future. I thought this might be a good compromise because we both like it, and maybe we can fix it up and refinance some equity into another house and still make it an "investment." I thought the Zillow estimate seemed low at 140K for a 3300 sq/ft house, especially since the "Zestimate" just last month was 220K, definitely something fishy there. This year, nearby 2000 sq/ft homes have sole for about $120-150K. But I've read to do your own comps, don't take Zillow or trulia's word on it. I need to read upmore about that aspect, but needless to say this situation is catching me off guard!

Let me also add that we both have experience remodeling a kitchen, and I have carpentry experience. I also have an online business that is part time, and would have time to work on the house. The main things are that I'm not sure about what the ARV would be after it would be renovated, nor how to calculate the renovation costs. Also, it's the oldest, biggest sq/ft house in the neighborhood (Not ideal, correct?).

Hi,

My wife and I just started looking for our first house around Chattanooga, and we came across this fixer-upper:

http://www.zillow.com/homedetails/6680-Hickory-Tra...

She wants a big house, and above all else I'd like to make a sound investment.  We looked at it earlier today, and it needs extensive cosmetic repairs inside, and some structural issues outside (rotted soffit/eves). Windows look newer (last 10yrs).

We talked to a neighbor, who gave some insight. The owner owns free and clear, and wants to sell. He rented it for the last 5-10 years, and didn't keep up with maintenance very well, and was trashed pretty good by last tenents. The house is not insulated and he said winter utility bills were $4-500 a month. HOA fees are $60/mo, includes lawncare and community pool.

Is this a good deal to buy, fix, live in, and or rent/resell in a few years? Any advice is much appreciated, thanks. Also, I'm not sure of what other info to include, so feel free to ask if I've left something out.

Best regards,

Travis