Rookie Mistakes!

I might be able to help you I am a creative thinker...if you can give me the specifics on the house I might be able to come up with an idea that can help you get out of the whole....

Address
How much you brought the house for
How much the house is worth
House much do you want to sell it for
How much will the touch up your doing will cost
If there's anything else you think I should know feel free to tell me

Have you considered trying to find a Hard money lender to rehab this house and put it up on the market after repairs,run the numbers on the(ARV) and see if you can turn a profit from it. Hope this helps.

Good Luck & Good Investing

whurndon

Address: 1 Kellogg Street, Fort Plain, NY 13339
How much you brought the house for: $8,500 with closing costs came to 10,500
How much the house is worth: Eppraisal Website - 87,266
House much do you want to sell it for: as a shell $50,000
How much will the touch up your doing will cost: I am not doing any touch up. After I clean up the gutted material & vacume, it is going on the market.
If there's anything else you think I should know feel free to tell me: If you want to call me my phone number is 518-673-6156. I see by your profile, your in NY so you are welcome to see it in person if you want. Fort Plain is 3 miles West of Canajoharie - exit 29 off the NYS thruway.

Just came up from Florida and I am not working. The days of stated income loans are gone. I only paid $10,500 including buyers premium & other fees, even with the most basic cabinets & vanities, formica countertops & basic appliances I am looking at 30 to 40K just in material cost alone. Add in labor, & I will never turn a profit! The best bet is to sell it as a shell to someone that has the money to turn it into their dream home and wants to live in it for a while. Thanks for your time. Mario

Hey mario,
If you only have 10,500 in the place, instead of trying to make 30-40k, and if you are truly in a bind, why not let it go for 15-20k. Your out of a bind and still have made a little profit. If its worth what you say, it should sell fairly quickly. Or am I missing something?

That's a big house and sounds like it has lots of potential.
How is the area? Is it on a busy street? Are the houses on the
same street selling? How big are the ceilings?

First thing you should do is find an real agent so they can find out the fmv...

Now also find out how much the house is worth if you fixed it up...

Try taking on a partner, preferbly someone who fix up houses for a living(contractor) by doing that you will cut the cost of material and labor in half or totally eliminate it all together

Note: find out if its a buyers or a sellers market in that area because that will play a role in your profit.....

If that idea doesn't sound appealing let me know and ill try to think of something else...

P.s. a good deal is a deal that you profit from no matter the amount you made

I hope this deal worked out for you. Sometimes a small profit is better than a loss and in the current market the carrying costs can add up quickly. I wish you luck on this project and remember each project can teach you something and better prepare you for the next deal. Believe and Achieve! - Joe