Dallas-Fort Worth Real Estate Investor Club

What's more cost-effective? A gut job or a complete teardown?

  • 22 Sep 2013 10:44 AM
    Message # 1395560
    Deleted user
    I can get a hundred thousand dollar property/land in the historic district of old Mansfield for 5-10k. But it's a gut job and an odd design. A ruin that has to be torn to the studs.  They even stole the meter. So why even bother? because the city just finished upgrading all the street and public works up and down the block, it's two blocks off the Old Main Street historic district, Community development has the area in its sites for the next path of progress as Condomania east of 287 has reached saturation, the rest of the block is gorgeous, and it's 10 minutes from each of the best schools. 

    So: gut it? or tear it down, salvage what can be salvaged and rebuild on the site? 
  • 25 Sep 2013 10:41 PM
    Reply # 1398643 on 1395560
    I can't answer your specific question, but I can illustrate how important it is to have a plan and stick to it!.  About twenty years ago I had a contract to rewire some outlets and install some new ones on a remodel mother-in-law quarters in East Dallas.  The contractor was very clear; he wanted to save the existing dry wall.  So I fished wire under the sheet rock and used a lot of snap-in outlet boxes.  It was very difficult but I finished the rough-in and was paid the draw I asked for.

    Two weeks later, he called and said he had decided to gut the wallboard and I needed to come back to support all the hanging boxes.  Well, mostly I had to just do it all over again.  I didn't charge any extra and performed my contract as agreed....but what do you think happened on the next ten jobs I did for this guy?  I added 20% difficulty factor to all  the future bids until I was sure he had learned to do his work more efficiently.

    Just something to think about as you develop your plan.  Good luck!
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