I have bought, repaired, flipped, and sold more homes than I’d love to admit over the past 20 years.
- Most of them were modest fixer-upper projects that I would eventually flip for a sizable profit.
All of these homes were all in varying conditions when I acquired the keys to each individual 1 of them. Some of the houses just need new paint, repairs done to disfigured floors, plus maybe a new roof or a handful of new windows. These homes are simple enough to remodel plus flip for a profit, often counting for the highest profit margin that I can expect in this tumultuous business. The reality is that many more homes than I would have ever expected are in states of total disrepair. I’m talking about large holes in walls or walls that are missing altogether, & drastic water damage from the old plumbing plus air conditioner leaks. The Heating, Ventilation, plus A/C plan can leak out of an air handler if the condensate line that carries the fatigued water outdoors gets blocked up. The Heating, Ventilation, plus A/C plan is an interesting variable, since I usually receive a better price for a apartment with a terrible air conditioner, whereas likewise I will pay a great deal less in remodelling if the apartment has an existing air conditioner that is still good. The last thing I would ever do is sell a single of these homes with a terrible indoor air system. Not only is it unethical to my standards, but it’s also shooting myself in the foot with lost profits. You can get a lot more currency on an apartment if you sell it with a newer a/c. Whether or not it offsets the cost of the a/c altogether is a very weird story.