Mar 6 2008 1:12PM | Permalink | Email this | Comments (0) |
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I am currently looking to move from a rental house to purchasing a home, and am finding that a lot of the homes I'm interested in are fixer-uppers. In fact the first house I looked at was a foreclosure following the owners' divorce. The home was in need of more than $100,000 worth of mold remediation due to a major flood that ruined the basement walls up to about three feet high. The bank owned the property and used a real estate agent to find a contractor to do the mold remediation prior to listing the home. Beyond that, the kitchen needed a lot of repairs, as did many interior and exterior doors, windows and light fixtures. Are you targeting this type of work? If not, why not. And, if so, is it as lucrative as it looks considering the current state of loan defaults, foreclosures and bank-owned homes in need of repairs?