A Realtor-friend of mine who has been successful in remodeling and reselling houses in the past is making an offer on a Sunnyvale listing this week. This one is in really rough shape, but in a good Westside neighborhood. We walked through it on tour a couple of weeks ago, and I must admit that the amount of work was daunting to me...but then I don't have the energy or enthusiasm for this kind of project that she does.
She told me that the first rule of a renovation job is that "the profit is made in the purchase." If you can't get the property at a good price initially, it's not worth the time, effort and money involved in preparing it for resale. She and her partner are coming in with a firm bid, and a two week close. If they don't get it at that price, they'll move on. The most important things are to know an area and its values, and to be familiar with the improvements that will appeal most to potential buyers...the rest is plain hard work!
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