You must be logged in to reply to this topic.
-
I finished the remodel on my house in Panama. It was a bumpy road. You can read about it in the article below.
Crazy me, decided to take on another rehab on a house 2 hours away from my house. I was enticed because I could buy the house for $55,000 and it is worth about $135,000. My rehab cost will be closer to $6,000 for materials and labor because I’m bringing in contractors I know and trust from my town to the property. A friend in the area said she had contractors to do the work and manager the project but that has not worked out at all so I’m down there several times a week.
Like I advise all of you, I should have gotten an OPTION on the house then wholesaled it to another investor making a quick $10,000. If you”re thinking about doing rehabs – read that last sentence again and again.
The extra profit is not work the time that this project is taking me. If you think you have someone local to manage the project, do not count on that happening – you may need to get involved with boots on the ground.
Finding materials in Panama is not so easy. There is no Home Depot or Lowes. Yesterday I went to 7 stores to try to buy a new water heater. They were all out of stock. I went to 3 stores to buy paint thinner. They were all out of stock locally but said they can get it from Panama City in 2-4 weeks. A rehab project cannot wait 2-4 weeks for materials!
You must be logged in to reply to this topic.
