Will you look at my details and tell me if the repairs to this house are worth it?
Not so bad things:
Kitchen will need new cabinets, or just sanded and refinished
Needs new carpet, 1000 sq ft.. although it has hardwood
Bathroom will need to be updated, nothing stylish
Needs heating and cooling unit, my uncle owns a business in this
Needs a fresh coat of paint, Sears always has cans on sale for $10 that were "mess ups".. I could eventually find some good stuff there
Questionable things I have no idea about:
A hole in the living room ceiling needs repaired. Someone stepped through it in the attic. Is this an easy fix? It seems that you could just patch it up with a new piece of drywall.
*I'm paying cash for this house, living in it for awhile and renting it out while I find the next project.
My uncle would sell me a heating/cooling unit for 1k, and it already has duct work.
Other uncle is a land surveyor/contractor.
Can I get through this alive and make $ eventually?
- 1 decade agoFavorite Answer
I think yes but with a few changes.
Don't buy the paint at Sears for mess up ones. Your better off buying them from Lowes or Home Depot instead and don't over buy. But if you need more of one color then Lowes is great at color matching and they put the instructons right on the lid if you need more. Don't buy funky colors and paint all the rooms different colors....this tends to make it look like exactly what it is....not enough money to buy the paint and mixed and matched patch work.
I also don't recommend you renting it after your done or moving on to another project! You need to sell it. Renting never works out. You want to either be a landlord and own properties or you want to buy and fix up homes for resale....not both.
The ceiling is an easy fix but I would hire someone to do the job. They can also match the texture on the existing ceiling.
Before you buy any home, pay for a professional inspector. Most times this doesn't cost much at all. From 50.00 to 150.00 but well worth it. You wouldn't want to buy it and then hear that the plumbing is old and needs total replacement. Worse if it has lead pipes.
- Anonymous1 decade ago
How much experience do you have at 'rehab'?
First rental I got, the guy that I called to replace a pane of glass told me that if I wanted to fix up/ rent houses, I'd better learn to do all this stuff myself!
Cabinets are a piece of cake. Take doors off, lay out about 40' of 2x4's on lots of horses, strip (if needed, maybe just sand).. get primer tinted to same color you wanna paint, and go for it.
Carpet... can get cheap but low quality. If gonna sell, rent sander and re-finish. Folks love the "hardwood floors" idea.
I've done it before... a bit of work but NOT hard... I even knocked off a few hundred when I got pros in to sand by spreading the poly myself so they didn't have to come back 2x more.
Ceiling... if it's not "popcorn" it shouldn't be hard. If it's popcorn or textured, should be able to steam the finish off and make it smooth. I had burglers step thru and had to have it re-done. Bummer. Never looked right. Might want to add another kinda 'finish' to even it all out, but please... don't make it popcorn!!!
It's all 'doable', but you have to know your limitations as well as your expectations.
Good luck to you!
- 1 decade ago
You will be able to do this all and make money off of it. As long as this is an investment property. Make sure and get references when renting this property out.