Need help with spreadsheet/worksheet 6 posts by 5 users

Posted: 05/29/2008 at 10:44AM

I’m looking to purchase a property that has a lot of work to be done and I really don’t have a spreadsheet/worksheet to use to figure out the needs and spending. Do any of you have one that you can share? I know there might be some modifications to be made… but it would be great to have one to share. Thanks !

Posted: 05/30/2008 at 09:18AM

I like the pen and pad approach adding in all the expenses such as:

1. Realtor commissions
2. Points and interest on loans
3. closing costs
4. repairs
5. carrying costs

Those are a few of the things to write down.

Posted: 05/30/2008 at 11:18PM

This hardest thing about this is the construction cost. I like to take it from the top down.

1. Closing cost: figure 6% of the sales price to be safe but it's likely closer to 4.5%. Unless you are using hard money then insert you figures here + 2% escrow/title.

2. Carrying cost: 6 months PITI (principal, interest, tax, insurance)

3. Construction cost: Get three bids from major companies. This way you can be sure that they will be high. If you want to give it a shot on your own try this fill in the blank.
a. Demo
b. Framing
c. Electrical (rough
d. Plumbing (rough)
e. HVAC
f. Windows
g. Drywall
h. Cabinetry
i. Finish (doors, trim, crown, mantels, etc.)
j. Paint
k. Countertops
l. Flooring
m. Electrical (finish)
n. Plumbing (finish)
o. landscape
p. Clean up

If you are flipping

Sales cost: 8%