Charmaine, Home Seller in Milwaukee County, WI

What is the average turnaround time for purchasing , renovating and reselling a foreclosed home on the market?

Asked by Charmaine, Milwaukee County, WI Tue Mar 29, 2011

Thinking of starting a busines in the milwaukee area purchasing foreclose home, renovating and reselling on the market.

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Answers

3
I assume you mean foreclosed homes or Bank Owned homes. Those don't take all that long once the price has been agreed to. They are not like short sales, but are more like a home you or I am selling, so 45 as a minimum and 60-70 days on average. It all depends on how fast your lender is getting the loan ready.

Renovation, no one here could guess that one without knowing lots more. 30-60 days should be able to fix most anything.

Now to sell it and that might be the hard part.
1 vote Thank Flag Link Tue Mar 29, 2011
Hi Charmaine,

Congrats on your new business adventure. It can, or cannot be a great business. I want to start off by letting you know that it is just my opinion that I am giving and I hope you take it constructively.

Many people in the last several years have lost everything, including their shirt trying to do what you are wanting to do. It is a business that requires DEEP pockets to be in so first off, if yours aren't deep...move to the next idea. It also requires a lot of knowledge about the real estate industry, so if you don't have that, you have two choices...get it, or move to the next idea.

In most states, it is not to terribly complicated to obtain a real estate license. If you were to open a different business that required a license, you would get one. I would recommend getting one in this business as well. If you think it's too expensive to get one, refer back to the deep pockets part of this answer.

The last thing I will leave you with is this....

If you budget X amount of money for a project and wish to complete it in X amount of time....

Double all figures involved.

If you budget $50K to renovate, it will be upwards of $100K

If you budget 6 months, it will take a year.

This is not alway the case but why not be prepared.

I'm sorry to say that if someone needs to ask the question you asked, then they are not quite ready to get in the business just yet. It's like a freshman in collage asking how long it takes to get a medical degree or how many ours do attorneys work. You just don't know enough about the business to jump in...YET!


All the best!

Jonas Mancuso
ReMax Lakeland
http://www.choosetheballoon.com
0 votes Thank Flag Link Tue Mar 29, 2011
There really are no set time standards for flips, much will depend on how extensive the renovations are, and the time needed, exact location of the property, price, marketing, etc.
0 votes Thank Flag Link Tue Mar 29, 2011
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