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Old 09-24-2010, 11:46 AM
Location: Simmering in DFW
6,952 posts, read 21,212,696 times
Reputation: 7238


I have rehabbed 3 properties this year. Sold one before the tax incentive money expired. The other two properties were completed in July and August and I listed them briefly before deciding to lease them out. They had no interest as places for sale but strong interest as rentals. After carrying costs, I will make as much in leasing the properties after 2 years (if all goes well, that's a big IF) as I would if I had sold them. I have not decided if I am going to start another project.
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Old 09-24-2010, 01:15 PM
Location: Danbury CT covering all of Fairfield County
2,496 posts, read 6,675,694 times
Reputation: 1253
Those are really tight margins. You need to take in consideration any extra repairs that may come up, cost to hold the property while you are fixing it up & waiting for a buyer once the house hits the market, commission, closing costs and taxes. Also, you want to make sure that you get paid enough to cover your time & effort.
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Old 02-17-2012, 09:02 AM
Location: Moving to the Cape NOW!
2 posts, read 19,880 times
Reputation: 11
Originally Posted by BigV View Post
There is a guy in my area who bought a house for 90K, rehabbed it and sold for 250K with multiple offers.

The key was that he over rehabbed for the area yet the sales price was comparable to other houses. This area has a bunch of similar bungalows, yet his was the best internally from others selling in the similar range.

The area is kind of a blue collar, working class, but this rehabber provided granite, stainless steel appliances, 10K in kitchen cabinets, hardwood floors, etc.. He spent almost 80K on rehab alone.

In this market, you want to be the cheapest and yet the best rehabbed house on the market. Of course, this means you maker your offer accordingly. You don't want to stumble into a rehab, you want to make your purchasing decision with this exist strategy in mind.
Great advice BigV.

Property and money is always moving, you simply have to know what you're doing.

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