Ancient Pioneer
kiwifarms.net
- Joined
- Jun 27, 2019
Well you have to get water away from the foundation outside of it so gutters, french drains and other nonsense to run the water off. Inside you chisel out the concrete where the cracks area and pour anew.What would you need to do to fix a house that floods like that? Surely it must be something more serious than a broken sump pump because those cost like a couple hundred bucks.
The property taxes there are 6k a year, So 2 years they had it we can say 12k in property tax. Mortgage? Probably 3k a month given rates at the time being 10%-12%. So about 60k in mortgage payments since they bought the house. Closing fees are usually near 5-6% of the house price for the seller. So we'll round it to 40k. So we're looking near 110k in profit being eaten before you consider the renovation costs. If the renovations exceeded 50k they're in the red for the S2 house flip.This is still so much more than I would have guessed.