Posted by Michael(KCMO) on November 14, 2004 at 13:52:06:
I did a quick search looking for a post where I?ve previously described my strategy. I couldn?t find my own post, but I did find this one. It addresses your question and also has some very good additional info:
You might investigate the archives further. I?m sure there are other good posts I didn?t come across. I was in a hurry at the moment.
Which approach? - Posted by Tom (GA)
Posted by Tom (GA) on November 14, 2004 at 10:25:48:
I’m somewhat torn between which approach to take and would like some input.
I have been rehabbing the homes I buy, bringing the condition up to a highly desirable level, i.e., new carpet/vinyl, fresh paint, new appliances if need be, pressure washing, fixing roof leaks, etc.
The latest home I’m working on, I bought for $500, will put $4k into it, and will sell it for $14k. My standard of living is higher than what this home would have provided in regard to the condition without rehab, which is the main reason I do the rehab. But I would like to know if it is feasible and are there buyers that would settle for the used, worn out carpet, discolored paint, leaks or evidence of prior leaks in the roof, sold as-is?
Is it possible to sell something like this, for example, for $5000 with $500 down? The park only seems to be concerned about the exterior appearance and back lot rent.
To what extent are the others here doing before selling?