Switched my mind about buying a fixer upper after seeing the numbers

I was dead set on a move-in ready house for months, thought anything needing work was a money pit. Then my buddy who flips houses showed me his spreadsheet on a 3-bedroom in Portland. He broke down the purchase price at $285k versus comps selling for $350k, and the reno costs only ran $40k if you do the paint and floors yourself. Now I'm looking at places with good bones and bad kitchens instead of paying a premium for someone else's granite counters. Has anyone else here gone from wanting turnkey to a fixer upper?

2 comments

2 Comments

wells.morgan17d ago

One spreadsheet from a buddy doesn't tell the whole story, especially if you haven't lived through a reno yourself. That $40k number can balloon fast when you find out the plumbing is from the 50s or the roof has two years left. Your friend flips houses so he has a crew and knows where to cut corners, you are likely learning on the fly. First time buyers often underestimate the time it takes to do paint and floors yourself, plus the cost of renting tools and fixing mistakes. Portland also has strict permit rules for electrical and structural work, and one inspection can stop your whole project. A move-in ready house might cost more upfront, but at least you know what you are paying for.

ivan21117d agoMost Upvoted

Nah, you're dead on. That spreadsheet falls apart fast when you crack open a wall and find knob and tube wiring. Your buddy making money on flips knows which drywall guys are cheap and where to reuse old lumber. You don't. Plus Portland permitting is a nightmare for a DIYer one wrong electrical box placement and you're paying an inspector to come back twice. Move in ready is boring but you sleep better.