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Originally Posted by boltonblue,Mar 3 2008, 08:18 AM
another factor to be considered, is the expense consistent with the rest of the property?
Exactly, and "the property" is not only the house and the land, but also the area in which the house is located. You can pump tons of money into a house but if the neighborhood cannot substantiate the equity invested, you just don't get a decent return.
My parents have built 4 homes themselves, and they have virtually completly redone 3 cottages. The cotteges were the really huge money makers because they bought wise, made appropriate improvements and sold before the taxes got adjusted too far up.
I love house projects, when I bought I specifically wanted a house that was well built, but offered lots of opportunities for improvements.
The space between my garage and house was nothing more than a breezeway, the front and back walls were poorly done with cheap materials. I hated the fact that I have no front porch.
When you walked into the breeezeway you were in a room 10' wide and 24' deep, and of couse the walls were nothing more than exterior siding.
I built a new front wall steped back into the space by 3.5'
I built a new back wall steped back into the space by 7.5'
Interior walls all tongue n groove knotty pine for reasons of durability, the front wall again with new window installed.
And the back wall again with new sliding glass door.
New front exterior.
New back exterior.
Finished front porch.
Finished back porch.
This was a major improvemrnt, but not really a lot of money. When I was all done one of my friends stood in the driveway looking it over and said, ya know, this is how it should have been built the first time...
A buddy of mine took the roof off of the top of his house (2 story w/attic) and lifted the entire thing with jacks. Then he built a new 3rd story. Lots of work, but much more simple than it sounds.
LOCATION LOCATION LOCATION... Sure buying a house now and spending 50k-75k and flipping is not as easy as it once was. But doing it to a house with the right location can still be doable.
Myself though, I'll probably never sell my current house because I want to use it when I retire. Currently putting the $$$ for the next home purchase.
Looking for a multi in a few years or when the market finally bottoms then use the rent to support my dream house.
LOCATION LOCATION LOCATION... Sure buying a house now and spending 50k-75k and flipping is not as easy as it once was. But doing it to a house with the right location can still be doable.
Put an offer in on a fixer upper just across the bridge in Kittery, ME but when they counteroffered at asking price AND disclosing the presence of asbestos behind the siding, told them to take a hike. Good deals are starting to surface IMO...
Originally Posted by therookie,Mar 3 2008, 01:23 PM
Put an offer in on a fixer upper just across the bridge in Kittery, ME but when they counteroffered at asking price AND disclosing the presence of asbestos behind the siding, told them to take a hike. Good deals are starting to surface IMO...
Argh I don't need no stinkin orange bags. Just dump it little by little in the town dump
