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Recently i learn t a new concept i.e. Houses which are sold in Rehab. I have heard that they shell more profit than short sales.
So i was interested in these types of houses where the profit margin is high.
Anyone having experience in rehab houses.
What are the procedure? Sorry but i am excited about this.
I am not sure what procedures might be in place or if there is a program that deals specifically with rehab houses. I have experience with them only from a few experiences from the 80's and 90's. Mine were all individual purchases from owners rather than from any type of institution or bank.
The main reason a rehab house can be better profit is because they look bad and don't have enough curb appeal to please most buyers. It is vastly important to be able to tell the cosmetically bad house from the structurally bad house. The money is the house with the poor cosmetics but good bones. Hidden structural damage turns profit into loss very quickly.
If you try to finance a house that is being sold in an unfinished state you may need to use 203 loan -- can be smart way to go IF the numbers work out. I have seen more than a few such deals where the extent of the needed work is so great that the finished home would be grossly overpriced if the home is not in a "luxury" neighborhood...
Rehab houses are good for profit only if you choose the house which has strong inbuilt structure.
I will be shifting to San diego after sometime. I was thinking of buying a rehab house.. What would be the price, can anyone give me a fair idea?
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What I think
