In keeping with the way I normally look for homes to rehab, this morning I went cruising neighborhoods where several homes were listed. This is the first step and several factors come into play in the choice of the property.
1. Is the neighborhood viable. This means that, although depressed it isn't beyond recovery. People still will want to live there. Many times you can find homes that are priced right (in your price range), but the area will not support a home being repaired/rehabbed. Simply try not to have the most expensive house on the block when your done.
2. Decide if it will be rental or will you be listing the property when your done with the rehab. Ideally this shouldn't matter, but it does. If your going to sell, you have to be in a neighborhood that has more live in owners than renters. For my purposes, this time, I'll be looking for a rental property.
3. Thirdly, I look for structurally obvious problems that will erase a property from my list. I don't want a home that would cost more to rehab than it would to tear down and build new.
I drove by six today. Here are a couple.
The one on the left is a real possibility.
Jack Gilleland
Home Inspection Services, Clayton
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