Local Real Estate Comments and Ramblings

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House deals-Move in, rent them out, or fix and flip



I have found a couple of good deals to share.

Before I describe them let me remind you to do your own due diligence.  Consult with home inspectors, contractors, appraisers, financial advisors, or any others whose advice you may rely on before buying a home. I certainly will be glad to help from the real estate side but there is a lot to buying a home and good advise is a must! Neither one of these homes are my listings so I can represent you and your interests in the purchase.

You can't Steal in slow motion so give me a call if you might be interested!

Each of these homes offers several options for you depending on your needs and short and long term investment strategies.
  • You could buy the home, repair it, and move in.  You could have a super low payment and some instant equity, even in today's market
  • Buy the home, make the repairs, and then rent it out.  Again you would have instant equity. Either one of these should also give a nice cash flow for rental.  
  • Buy the house fix it and flip it for resale.  You can do this on your own and hire your own contractors, etc., or I would be willing to partner and share the profits.
House #1
*



House #1 is a pretty nice ranch home.  It does need a roof, interior paint, and carpet.  Also the sliding glass door is broken and I would recommend replacing that with french doors. This house also has polybutylene plumbing.  That is a big negative if you are going to live in the house or keep it as a rental. For resale not such a big deal.  However since this home is priced at just $39,900 there is room to make repairs.

My quick best guess at some numbers:
List price- $39,900 of course we would offer less
Repair cost- consult a contractor for sure.  My best guess without doing the plumbing is about $10,000
Estimated rent- @$850 - $900
Estimated sale price - $80-100,000




House #2



House #2 is a pretty nice split foyer.  It is actually just down the street from house #1.  It needs a little more repair work but it is also a larger house. The main repairs it needs are  a roof, paint, carpet, and repair the sheet rock downstairs. At $49,900 for this size house it is worth looking at.

My quick best guess at some numbers:
List price- $49,900 of course we would offer less
Repair cost- consult a contractor for sure.  My best guess  is about $12,000.
Estimated rent- @$900 - $1000
Estimated sale price - $90-110,000


*****

 

 


Bob Southard
Broker - Owner  Atlas Realty Service LLC #75911

O:678-439-SOLD(7653)

CALL ME DIRECT: 770-656-9134

Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Smyrna, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga. Call me for all of your real estate needs.

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Comment balloon 1 commentBob Southard • September 15 2010 01:28PM

Comments

Good idea - I may take your lead in MA - I am out with an investor tonight - may be my blog tomorrow - Thanks for sharing!
Posted by Marcia Kramarz, CDPE,LMC,CBR (Re/Max Executive Realty) almost 8 years ago

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