Posted by Randy on August 13, 2005 at 14:46:18:
yea it is in the 300’s realisticly we should sell for no less than 320 thats on the low end and depending on the extent of the rehab we can get more do to what the other 2 families have sold for in that area.
vinyl siding when I am flipping the house? - Posted by Randy
Posted by Randy on August 12, 2005 at 22:45:53:
I will be doing some rehab work on my first house to flip and my partner and I are in a delema in wondering if we should paint or put vinyl siding on the house it is aspestice siding now which is in perfect condition,If we do the siding it would make scense to put new replacement windows also which would cost more,also should we paint the paneling in the house or should we blue board and plaster,would we make a better return,anyone that is experienced in this rehabbing and flipping would be helpful with a response,I am a skilled carpenter and will be doing the work myself with some help.
Re: vinyl siding when I am flipping the house? - Posted by Brent_IL
Posted by Brent_IL on August 15, 2005 at 18:28:33:
Randy,
One of the reasons that I avoided rehabs in the past was because it took me a long, long time to get to the point to where I wouldn?t over-improve a given property, so your comment ?asbestos siding now ? in perfect condition? jumped right out me. If it is perfect, the only reason that I could see to replace it would be to bring the property into conformance with the rest of the neighborhood. If it doesn?t make much difference, I?d power wash it and let it alone.
Re: vinyl siding when I am flipping the house? - Posted by freeman2be
Posted by freeman2be on August 13, 2005 at 21:04:44:
I’m currently doing a rehab on an A-frame house that has rough-sawn wood siding. There are similar houses on both sides of mine. One has recently been remodeled with vinyl siding. It looks much better. Will cost me $1800 to do mine, and I think it will be worth it for curb-appeal (the current siding needs some work anyway that can be covered over by the vinyl). I’m also having new vinyl windows installed by the same guy. The current windows need a good deal of work anyway if I were going to keep them. Also, we are going to paint the interior paneling. I’ve seen this done on MANY 70’s - 80’s era houses in my area. The long and short of it: it would be nice to have black-and-white answers to questions like this, but sometimes you don’t.
get SPELLCHECK - Posted by WTF is aspestice?
Posted by WTF is aspestice? on August 13, 2005 at 18:20:36:
aspestice? scense? GIT-R-DONE!
Re: vinyl siding when I am flipping the house? - Posted by Randy
Posted by Randy on August 13, 2005 at 14:39:20:
Thank you for your response it will help in my decision process.
Re: vinyl siding when I am flipping the house? - Posted by Rainbow
Posted by Rainbow on August 13, 2005 at 24:16:07:
I say if the property is in ok condition, just do a little cosmetic work like painting and try to sell for as much as you can (you said you were going to say retail).
If buyer wants something done you can always offer to do at “cost” if he pays you your asking price. This way you get your price, he gets his upgrade and he pays the cost, you don’t really lose since you will be putting some hours but hopefully you will make a profit on the sale.
If you are helping with the financing, this can also help in the negotiation. You “give” in the upgrade in exchange for a higher interest rate on your note, or a higher price with a lower interest rate (less likely for buyer to pay you too early).
Bunch of possibilities.
I wouldn’t go upgrading without a buyer under contract.
Re: vinyl siding when I am flipping the house? - Posted by Killer Joe
Posted by Killer Joe on August 12, 2005 at 23:51:36:
Hi Randy,
Stand in your front yard, look around and see what the neighbors are doing. If the asbestos siding is in good shape, then next, consider the pattern of the siding. Is it the old ‘wide’ lapstrake kind? Does it make the house look dated? Will the newer vinyl siding bring the look up to date? What about the color?
A lot of improvements done during the rehab can be done on a dollar and cents mentality. ‘Copper pipes, or PVC?’ If you know what your exit strategy calls for regarding these items, your bookkeepper could make the decision.
Redoing the siding is a ‘Curb Appeal’ decision that can make or break the house for the same amount of money spent. This is a decision you want to make looking from the street onto your property. Those catalog pictures look pretty good on the dining room table. Unless people enter your neighborhood from under your dining room table, make that decision looking AT your house.
If you are a skilled carpenter putting in windows is a no-brainer. What does your budget say. If you can afford the materials, you can make a lot of sweat equity in this department. The same goes for all trim work. HTH
KJ
Re: vinyl siding when I am flipping the house? - Posted by Max-Va
Posted by Max-Va on August 12, 2005 at 23:10:14:
You really don’t give enough info to make that call.
Are you going to retail the property or wholesale it to another investor? What is the as is value? what could you get with paint? How much more would you get if you put in the windows, siding, plaster, trim, ect.? If property was remodeled to like new, What would it bring? What type of profit do you wan’t to make? Is there enough profit in this deal to cover rehab costs, holding costs, buying costs, selling costs, and your profit margin? Only you can answer these questions?
I have done several rehabs where a total rehab was done, and I came out well. Some others, I over did on the rehabs and they were not as profitable as they should have been.
Re: vinyl siding when I am flipping the house? - Posted by Randy
Posted by Randy on August 12, 2005 at 23:25:10:
I got the house for 229,900.00 its a 2 family it is below market value,will be sold retail,the comparible properties are on the market ranging from 260 to 380 and being sold in the range of 240 to 360,it is in a nice area,corner lot with a garage.
Re: vinyl siding when I am flipping the house? - Posted by Sailor
Posted by Sailor on August 13, 2005 at 24:16:32:
I don’t see enough room for doing more than sprucing up & enhancing curb appeal (thiink flower boxes)–
Tye
Re: vinyl siding when I am flipping the house? - Posted by max-va
Posted by max-va on August 12, 2005 at 23:33:23:
If you are going to sell at the low end you already lost money.
260 -380 is too large a spread you need to get the numbers alot closer. Comps should not be more than a 10K spread. Recheck your numbers
Re: vinyl siding when I am flipping the house? - Posted by Randy
Posted by Randy on August 13, 2005 at 07:09:16:
thankyou