Quote:
Originally Posted by Dottore
I am reliably informed by my RE agent that for every dollar put into the reno, I will see two or three dollars more in the sales price. That seems to be the rule of thumb around here.
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Where is this? I just found the golden goose!
Seriously though, this is 180 degrees from what makes a lick of sense from what I've seen. Paint it, mow its lawn (figure of speech) and let the next guy dream of what it might be. I would be shocked if you got 80% of your "reno" money back much less 300%.
I realize high end markets can be finicky, but gutted and clean sells just fine and that won't cost you much.
Now if I'm wrong and this unique market actually exists...why are you not buying all non-reno'd properties in the area and tripling your reno money on the flip?
Edit:
On reading my response it sounds harsh, maybe I'm overestimating what you're talking about in scope.