I bought a house for $11,500 in a decent middle class neighborhood of Pittsburgh. The value is listed at $50,000 and it needs a fair amount of work, including new bathrooms and kitchen. I know practically nothing about remodeling houses. Has anyone with little experience in this sort of thing done it before? What can I expect from the experience and what problems did you encounter? Any tips for a person that has no clue about what they are doing? I was hoping to put around $30k-$40k into it and sell it for at least $100k. What are some major pitfalls that can set me back?
michael, i phrased the value wrong. i apologize. the county assessed the house at $50k. i haven't had it appraised yet