Property Rehab: Fixer-Upper and Construction Talk

When looking for potential houses to flip, it is important to take a look at why they are being sold in the first place. If one was to purchase a house that needed almost no work done, there would be no room for improvement. That house would not make a good profit. You need to find a property that will take some amount of time and effort to renovate. At that point, the house will attract more potential buyers and sell for a nice sum.

So I found a brick, one level home in a high rental area with fire damage. The structure/foundation/roof is still in tact. Here's what happened the owner was renting it out and the tenant tipped a candle over in the back room. The owner just had a baby her son is like 3 or 4 months old, and she has several rental properties so she does not want to deal with this one right now she would rather just let it go. I had a professional inspection done on the property and I was happy to see the original hardwood flooring is OK just needs to be re-sanded. The contractor quoted me a complete rehab job with total electrical replacement for around 20K. She is willing to let the house go for 10K. I checked comps in the area and the last house that sold was appraised for about $65K.

We just put a condo under contract that was sold at a tax auction. My question is, the gas meter has been removed from the property and all utilities are turned off. We are going to put the property out for our buyers, but if nobody bites, then we could potentially buy the property ourselves. So, if this is the route we end up going, how would you go about getting the house properly inspected within the inspection time frame (2 weeks) if the utilities are not on?

I came across a wonderful property in a premier location that is in foreclosure today and went to view the property. The property is basically a brand new house where the builder went belly up and it is not completed. The exterior is complete and all the walls are studded out with finished sheetrock. All the plumbing is ran and the electric is ran, but no outlets or switches and no water fixtures. No kitchen. This house is in a very "well off" community where the average home goes for about $350,000. I spoke to the realtor today and the bank wants to unload this property this week, before winter. They have one offer just submitted last week and it is a real low ball offer and he said that submitting an offer around $100,000 would get the house.

Hello,

I'm totally new, but have a lot of flippers on my buyers list. For my first offer I'm only submitting offers on fixer-uppers that have been listed for a long time. I want to know when using the 25:1 rule, how do I determine how much I should offer on a fixer property? Obviously not 50 % off as suggested. Also for the 25:1 do you do this everytime you get ready to make offers, or only once or twice to see what percentage you should be taking off of the asking price/ or the market value price of the house when submitting offers. Thanks so much.

My name is Sheikh Peters. I'm from Staten Island, New York. I'm new to deangraziosi.com but not new to his philosophy. I have a great investment deal to offer anyone interested.

Hi!
I wonder if any one have experience of building a house of shipping containers?
At the moment I looking att a plot on nearly 2000 Sq ft. here in Brooklyn new york. It has a house on it at the moment, that has to be removed, I most probably can get the plot for a very low cost. Bu I think that investment would not be good if it is nothing on it. So I was thinking to build a container house on 1500 Sq ft. to increase the profit and make it easier to sell. hoses in the area is in average 350-500K. but I have no idea of costing per Sq ft. to build a container house, all I know its a lot cheaper than build a standard house. The positive thing is that I can build it on another place than just that particular lot, and then transport it by a container truck!

I found a FSBO that noone has lived in for 5 years..It needs work..I can make it liveable for around $2000..Because i am a contractor by trade(coleman tx.)Its 1000 sq. ft. 2br 1 bath.Hes asking $10,000 Or best offer..with it needing work what would be the lowest price i should ask for it?Also if anyone would like to be my partner i could fix it up myself.We could probably get it for $5,000..and charge 4 to $500 a month or flip it to another investor.either way i think its a great deal.the man doesnt live here anymore..I just bought the RBBP and just started studying it.I havent done anything yet.have no buyers,agents,nothing..Need help on this deal..Thanks to all.

Hello
This is all very new to me and I looked at a home (before the REA sent me the MLS sheet) and I noticed that there is a disclosure about Lead Based Paint. When I asked the REA about it, it said the Seller (bank as it's a foreclosure) doesn't know anything about it. So then my thought is how/why is it on the MLS sheet???

Has anybody else run across this when doing rehabs or lookng at properties? If the bank doesn't know about it, guessing there is a test that can be done to see if there is lead based paint? if there is a test, is it costly to do? if so, how do I go about this - have any you rehabbers run into anything like this?

Hey all,

I am an absolutely brand new member of the DG family and a participant in the Rock Bottom Blueprint Program, and I have a question.

I've been learning about the 30 Day to Quick Cash program and find myself wondering if the simplest way to get started wouldn't be to purchase a property from a wholesaler using a hard money loan, do the rehab, and turn it over to an investor looking for an income property.

What do you think are the pros and cons of the two approaches. Which would recommend to someone just getting started?

Thanks in advance for your replies.

Cheers,

John