[repostus hash=32343278edbe9edccc65f7a0998e2989 title=How+a+Repair+Escrow+Can+Fix+Your+Dream+House host=Total+Mortgage+Services short=1zy1D snip=If+you+go+ahead+and+close%2C+you%E2%80%99ll+be+stuck+with+a+%2415%2C000+repair+bill.%C2%A0What+to+do%3F+You+can+walk+away+and+lose+your+dream+house.+You+can+try+to+negotiate+a+lower+purchase+price%2C+but+you%E2%80%99ll+still+be+out+of+pocket+a+fair+chunk+of+change+that+won%E2%80%99t+come+out+of+your+mortgage.+A+repair+escrow+is+a%26hellip%3B thumb=4260873 jump=5]
Investors, this property is under contract and no longer available. If you’d like future updates on available wholesale deals, please joint our HotList at www.WootRealEstate.com.
Fantastic property under contract in the central part of town available for wholesale purchase. Superb rehab opportunity or potential buy and hold.
Property Address: 921 E. Columbia St. (Under Contract)
- Acquisition Cost (includes wholesale fee) $70,000
- Repair Costs $40,000 – $60,000
- After Repair Value $200,000
- Gross Profit $70,000
- 1117 E. Monument St. – Under Contract for $198,500 – 2 Bedrooms /1 Bath – 1383 sq. ft. – 1 Detached Garage
- 807 E. St. Vrain St. – Sold for $220,000 – 3 Bedrooms /1 Baths – 1352 sq. ft. – 1 Detached Garage
- 824 N. Institute St. – Sold for $188,350 – 3 Bedroom /1 Bath – 1142 sq. ft. – 1 Detached Garage
- 818 E. San Miguel St. – Sold for $185,000 – 2 Bedroom/1 Bath – 1001 sq. ft. – 1 Detached Garage
This single family rancher has a lot of potential! Sits on a nice big lot just outside the “Old North End” of Colorado Springs. It is 1,139 sq. ft., 2 bedrooms and a den (that can be used as a 3rd bedroom), 1 full bath. There is plenty of room to add an additional bathroom and/or expand the kitchen if you desire. The house needs a new roof, furnace, water heater, and appliances. Kitchen and bath will require updates. The original hardwood floors are in really good condition, under the carpet, that you will want to refinish! There are also some foundation issues that Peak Basement Systems quoted to fix and stabilize the foundation (we will provide these docs). Clean up in the crawl space is needed.
The rehab costs really depend on how much work you want to put into the property; fix and flip or buy and hold. You will definitely have to repaint/update the interior and exterior, along with some stucco repair.
Why do you want to renovate your house? Some are tired of the old look. Others hope to boost the value of their home and earn some money. A love of this type of project is motivation for some. It doesn’t matter why you are doing the work, this article contains great tips for any project. You should…