Posted by SueC on April 26, 2001 at 06:28:24:
Chris, you’re probably on the right track to just flip. If you have no experience with rehabbing, you should have someone come in a take a look and give you an estimate. $10K for the work you’re talking about - kitchen, paint, floor removal and replace, possible wiring problems (which you dont’ know how severe), plus whatever minor fixes and cleanup - it doesn’t sound like a lot but it becomes a lot when you dont’ know what you’re doing. There could also be problems - like the wiring - that could be a MAJOR headache, and you wont know until you’re deep into it unless you get an estimate beforehand.
For example, what if you get estimates in the ballpark of $20K for repairs? You’d have to use that info to structure your offer. You won’t know the value of the property to a rehabber, or how much profit you’ll make, until you get a solid idea of the actual fixup costs.
Just my $.02.