Terrawatson@…, Home Buyer in Dallas, TX

I'm Buying in Mstreets or Ridgewood Park, and I need a little advice on homes that need a little TLC?

Asked by Terrawatson@gmail.com, Dallas, TX Fri Dec 18, 2009

Where can I find a professional (not a realtor, but someone to suppliment my realtor relationship) to help me see the potential in a house that needs a little work done on it? I think we've all seen the show 'Hidden Potential'; where can I find someone to help me see what a home could be with a little work?
Thanks!

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Answers

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If you need a remodeler/builder, I know one that only charges 10 percent over costs as his fee. If you are interested let me know and I will give you his number. He lives and works in the Lakewood area and can assist you. Email me at patricia.mccrite@cbdfw.com. He has extensive experiences and I have personally worked with him.
0 votes Thank Flag Link Sun Feb 21, 2010
A good agent should be able to tell you what could be done to improve the value of the house and approximately how much it will raise. A contractor will then be able to give you estimates on what you want to do.

Basically: Ask the agent what you can do to improve it and how much you would get, then have a few contractors come over and give you estimates. Difference obviously = profit potential
0 votes Thank Flag Link Mon Dec 28, 2009
Terry....best thing we can do is get you in touch with remodelers, architects, or designers depending on what you want to do. Knocking down walls on many of these older places in M Street type areas is tough to do as most are load bearing due to design of the house. It's pretty tough to take an old house and open it up in this area....of course updating floors, baths, kitchens, etc is probably the bread and butter work for most of the professionals working in this area.
You also might want to look at a few finished products to see what others have done and the kind of prices the work reflects.
I think the real trick will be timing for you. Most of the professionals I know will want you to have found and contracted on the property you want to work on.
Web Reference: http://www.dfwSnapshot.com
0 votes Thank Flag Link Mon Dec 28, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Happy to assist I love that area, have friends who own homes, I use to reside there at one time off lower Greenville.

I am not only a realtor, also an investor, general contractor, do majority of my design work bring homes fashion forward. Many options made available however a review of entire property what works best for resale and potential new home buyer.

I do this on a consultant bases. Best to have a professional work with you prior making any financial mistakes.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
0 votes Thank Flag Link Sat Dec 19, 2009
Many of the custom builders in DFW have gotten into remodeling resale home as a sideline while new starts were slower. One that comes to mind for me is Jim Jenne of Bluffview Builders. Jim has worked on projects all over Dallas, and is a former Builder of the Year in Dallas County. Of late, he's been working on suburban projects like Willow Pond in Frisco, which is now sold out. Great builder, solid reputation, and a long resume of remodel/renovation projects in the DFW area. M. Christopher & Company is another builder who is actively pursuing renovation projects in DFW.

If you have a great Realtor in DFW, then they know the builders who are doing such projects, as the builders come to the Realtors to solicit clients. A contractor isn't going to roam all over town looking at homes with you. Find a good Realtor who can help you find the home with the right bones for a remodel, keeping in mind that LOCATION is still key to making the best selection. Then, get the contractor to go to your 2nd showings on your favorite 1-3 homes. You are right that not every person, no matter their profession, can see the potential beyond the cosmetic or structural issues. But, we work with a ton of clients in Dallas who do major remodels at every price point of home, and investors who buy to flip. We're used to contractors and designers coming in on final home selections and adding their input. These jobs are a labor of love, even if the work is contracted out. They bring back neighborhoods to their former glory, and if done right, they don't devastate the original character of the home in the process. We Realtors appreciate those types of projects and the people who can take them on.

Have a blessed day!

Ronda


Ronda Allen, Realtor and Certified Purchasing Manager
CEO of comingsoonhomes.com
RE/MAX Dallas Suburbs
0 votes Thank Flag Link Fri Dec 18, 2009
One more suggestion: Check the local real estate investing clubs in Dallas. You'll find investors who do rehabbing, contractors who do rehabbing, investors who can recommend contractors, possibly some home stagers, likely some investor-friendly Realtors, and so on. Here's a link to Texas groups: http://www.creonline.com/real-estate-clubs/tx.html

Hope that helps.
0 votes Thank Flag Link Fri Dec 18, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Thanks so much guys... all good advice especially to check for the yard signs of the remodelers. I am mostly concerned about knocking down walls to create open concept etc. Paint and flooring don't scare me, but I think I will just do a lil more research on the projects and check for referrals.
Thanks again!
0 votes Thank Flag Link Fri Dec 18, 2009
I know you say you want someone other than your Realtor for help but your Realtor should have the vision, approximate cost to do the work and a great contractor to give bids. Your goal should be to work with a Realtor who has experience in not only selling to investors but hopefully is an investor themselves. I have remodeled numerous homes for resale as well as have rental property. The experience has been invaluable in assisting my investment buyers.

Your Realtor should know neighborhood values, be able to give you a good estimate of your ROI (return on investment). You do not want to proceed without these numbers.

If I can be of any assistance let me know.

Mary Beth Harrison
The Harrison Group
Keller Williams Realty
214-365-6500
mbh@DallasNative.com
Web Reference: http://www.DallasNative.com
0 votes Thank Flag Link Fri Dec 18, 2009
Are you looking for an investor that's willing to mentor you? Or, are you needing construction/remodeling advice? There's a lot of investors and people that actually do that type of work in the area. Most will probably be willing to give a "little advice" but can't really speak for them. Besides just the obvious Google, Yahoo etc. searches, you can also find people through meetup.com as well as twitter search sites like twellow.com, etc. Also, are you not wanting to use a realtor or are you already using one that's not helping you with this?
0 votes Thank Flag Link Fri Dec 18, 2009
You may want to enlist the services of a remodeling contractor and or a interior designer. Honestly i do not have any I can refer, but if you drive around that area it is not hard to find a house or two that are being remodeled and have the respective companies name in front.

If you are looking for someone to go with you as you look at each individual house, that may be costly. Your Realtor should be able to have enough vision and knowledge of what is desirable to let you know how things can be rearranged or designed to be functional. Once you have a couple picked out, it may be cheaper then to bring in contractors or decorators then to give you idea, if certain things can be done structurally and what their cost would be. I assume you do have a Realtor, but if not I definitely have the vision and ability I am talking about. As well I rebate 20% of my commission to all my buyers.

Thanks and good luck
RJ
214-682-0598
0 votes Thank Flag Link Fri Dec 18, 2009
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