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Old 02-02-2016, 09:20 AM
 
17,280 posts, read 22,006,628 times
Reputation: 29596

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Quote:
Originally Posted by craig10x View Post
Regarding the units selling for around $20,000 range, you have to keep in mind that those are usually units that need LOTS of renovating...After my father passed, i realized that in order to get the normal going price range for the unit (say around $45,000 to $50,000) i would have to put quite a lot of money into it...Things can really deteriorate after so many years...
When his unit is done, it will be MOVE IN READY with no work needed...I doubt if that would be the case with those $20,000 range units you see advertised...People selling those units for that low a price figure they need to make it attractive enough to buy "as is" realizing that the buyer will have lots of work and $ to be spent to get it ready for their move in...
Whoever buys my dads apartment when i have it ready for sale, will be essentially getting a BRAND NEW APARTMENT...
So if you dump 15K into a 20K unit and sell for 35K......How much did you make?

Better yet, dump 25K into a 20K unit and sell for 30K.....Did you do better?

Glad your dad's place will be nice, good luck with the sale as the comps and lack of mortgage availability might hinder the sale at a price you will want.
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Old 02-02-2016, 08:44 PM
 
Location: New York City
238 posts, read 575,981 times
Reputation: 157
Wasn't going to add any more comments, but just one more (@city guy of course)...I did it to greatly increase the sale-ability factor...If i was a potential buyer...if my choice was between a 2 bedroom fixer upper for say $25,000 and a completely renovated brand-new like and ready to move into apt, and it was between $45,000 and $50,000...well i think most would go for that...

Sure, they would save some money doing it themselves....but look at all the work involved...getting contractors to do the work, a million trips back and forth to keep tabs that the work is getting done right, etc etc...is a real pain in the rear...

And yes, actually i won't make a lot out of the deal after all i had to put into it, but i wanted to have better odds of a quick sale...rather then having it sit for a long time...
And thanks for the good wishes...
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