Collaborating for an Offer on a Rehab
Are you thinking about buying a fixer upper, renovating it then either turning it into a rental property or reselling it for a profit? It is super easy to get emotionally invested and super easy to get in over your head in the process. I think it's important to have a voice of reason and be sure you are working with a Realtor that is experience in this type of real estate.
I always tell my clients to consider our relationship like that of an attorney/client, doctor/patient, priest/parishoner. What they tell me stays with me but also, I can act as a sounding board and tell them when they are off track or becoming too emotionally invested in the transaction.
I recently started working with a group of investors and we have been discussing what a possible offer for a property might look like, closing costs, contingencies, cost of repairs, what types of finishes they should be using for both rental and resale scenarios, time frame for rehab, market readiness and how much they should tack onto the repair costs for "what ifs" and what are we missing.
If you are considering a rehab involve your Realtor at every step, a good Realtor can help you stay on track and make sure your end product is marketable and will meet the needs of a potential end buyer and everyone will make money.
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
Long & Foster Hampden
410-292-0100 - Direct 410-889-9800 Office