U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-24-2010, 11:46 AM
 
Location: Simmering in DFW
6,952 posts, read 21,212,696 times
Reputation: 7238

Advertisements

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.
Rate this post positively Reply With Quote Quick reply to this message

 
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-17-2012, 09:02 AM
 
Location: Moving to the Cape NOW!
2 posts, read 19,880 times
Reputation: 11
Quote:
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.

Thanks
BirdDogDan
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6. The time now is 02:34 AM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top