A fixed home seems to be a good investment but we don't have much experience.
We purchased, repaired and sold a house in Montana and made a profit from it, and completed the project in just a few months. However, w. . .
A fixed home seems to be a good investment but we don't have much experience.
We purchased, repaired and sold a house in Montana and made a profit from it, and completed the project in just a few months.
However, we are new to the Tucson area and do not know much about family values.
In Tucson, if the two same houses are three blocks apart, the price may vary by $50,000.
Then, in fact, these styles are different from any style we have in Michigan.
They put corrugated steel fences around expensive houses here and people talk about how beautiful they are!
It would be a good thing if we made a fixed upper, not only to calculate the value of the house, but also to calculate what the buyer wants.
We attended the meeting of the Arizona Real Estate Investors Association and I announced that we have funds to invest in a fixed high-end home.
We're looking for partners.
Our name and phone number were written on the projector with others and we received a call about three days later.
Bill and Diane are good people.
They took a house and looked at the comparison sale they found, which seemed like a good deal.
They made a rough estimate of the cost of the repair and renovation, which is why they need our money.
The third couple is also involved, so the $75,000 profit is expected to be divided into three parts.
We agreed in principle to the deal and arranged to meet with other partners in the house after the deal ended.
A comparison between a fixed upper and a remodeling of three couples with six opinions
This may be a problem.
Why did the beautiful wood floor tear off and change to carpet?
Why can't they at least be put on the carpet without tearing it off?
My wife and I thought it was a crime to paint the beautiful brick look of the house, but we are sure the buyers here prefer it.
Ceiling in add-on
The price of the family room is a bit low, but it seems too expensive to raise the price and unpredictable.
The plan turned into a new plan, and tense expectations for weeks turned into tense worries.
The house in this area sells less than we originally thought, the cost of rehabilitation will be more than we thought, and all other partners expect to do a lot of work instead of renting it out
Profits are expected to drop from $25,000 to $10,000 and we think there may be losses.
We gave up the deal.
Fortunately, at the time we signed the joint venture agreement, other partners had been delayed for several weeks.
Without us, they will find a way to do this, and the profit will be divided into two parts.
We know it's not a repairman.
In any case-
This is a transformation.
By the time I wrote this, it was more than three months since the estimated completion date and the house was not ready for sale.
I hope they will make a profit, but I am happy to avoid the pressure for months.
At another meeting of our investment club, a man told us a middleman
A few years ago, he used his credit card to pay the down payment and bought the upper.
He hasn't finished yet, it looks like he will lose a lot of money in the end.
He has no plans, which breaks the first rule in the list below: 1.
Have a clear plan. 2.
Make sure everyone involved understands the plan and agrees with it. 3.
Know what the house will sell before you bid. 4.
Minus All fees (
Purchase price, sales cost, repair, loan, other holding cost)
Get the profit you want from the expected sales price.
This gives you the highest price you can offer with confidence.
It is a beginning to learn what to do, but also to learn what not to do.
Learn from the mistakes of US and others.
In this way, you won't lose money on your fixtures.