Just a Foolish Newbie Rehabber

I must have been smoking some serious crack when I thought I could wrap up this " cosmetic " first rehab in 3 weeks for 12k...Complete la-la-land. Almost twice that much and twice as long later, I'm still not done, and it's starting to get to me. I had a credit card denied for the first time in years today, and I started freaking out. I am getting pretty maxed. I also have no income. It's not horrible, terrible yet, but I'm starting to feel the pain here. I really need to wrap this rehab up, and get it sold in a hurry. Really I do. IN A HURRY. Anyway...just had to vent a little.

Edited: 06/26/2010 at 03:26AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

10626 posts
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Icon_minipost Mar 22 '07, 07:38 AM

I hate to say, but shows like " Flip this House" and " Flip that House" and all the others sometime give people an unrealistic expectation of how quickly a rehab can be completed.

Sorry to hear about your difficulties. Keep your head up and stay focused. Let us know how it goes (and show some pics too!)

Edited: 06/26/2010 at 03:26AM

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Tom McGiveron

Residential Real Estate Agent · Moriches, NY

635 posts
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Icon_minipost Mar 25 '07, 08:18 AM

i actually saw one of those episodes where the guy doing it really was on top of his game. it was the one with a young guy who knew a bunch of his buddies and they were all helping him.

he did a great job and things he said were very spot on...

the only thing i could see that " changed" a bit without being pointed out was that in the very beginning of the show - he mentioned a 250,000 profit...

by the end, it was 140,000 - after the property was appraised.

he bought it for i think 500k, lived there for 2 years...did 35k work to it and it appraised for 675,000 [and they didn't show him selling it, just showing it - then the show ended].

minna - hope all goes well man - what was your profit margin at 12k for the rehab?

Edited: 06/26/2010 at 03:26AM

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Minna Reid

Real Estate Consultant · Tolland, Connecticut

674 posts
352 Influence
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Icon_minipost Mar 26 '07, 06:21 AM

I did spring for the granite which will be installed this week, or next week. I'm riding them to get it done fast. Besides that theres finishing work...but plenty of it. Plus some landscaping. Odds and ends to make the house WOW!...But the big work is all done. My goal is to get it all done this week. I've upped my crew to 4 to meet my 4/1 mental deadline.

Edited: 06/26/2010 at 03:27AM

Minna Reid

Real Estate Consultant · Tolland, Connecticut

674 posts
352 Influence
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Icon_minipost Mar 26 '07, 06:28 AM

Oh and Noobdog...my original profit was about 40k (after ALL costs) I actually had to think about that one too cause I couldn't remember anymore...lol...all I think about anymore is - how to make those doors fit..will that plumber show up on time...did I pick up that permit?...god I'm sick of Home Depot....That kind of thing.

Edited: 06/26/2010 at 03:27AM

Diedre Bullah

Real Estate Investor · las vegas, Nevada

50 posts
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Icon_minipost Mar 27 '07, 11:54 PM

OMG Minna you scare me.... :cry:

Edited: 06/26/2010 at 03:27AM

Matt Mozelak

Real Estate Investor · Newtown, CT

19 posts
1 Award

Icon_minipost Mar 30 '07, 02:30 AM

So Sunday is your mental deadline, we are all anxious to see how it is looking? Hope it's coming along for you!

Edited: 06/26/2010 at 03:27AM

Minna Reid

Real Estate Consultant · Tolland, Connecticut

674 posts
352 Influence
2 Awards

Icon_minipost Mar 30 '07, 10:02 AM

Hey it's midnight in CT - I just got home from another long day on site....This thing will be done by the first, at least interior in showshape. Random landscaping can be done while it shows, it ain't much. I can't wait to take pics of the finished product. Got the befores - gotta look at em every once in awhile just to assure myself YES I have gotten far...lol

Edited: 06/26/2010 at 03:27AM

N/A N/A

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Icon_minipost Mar 31 '07, 10:17 AM

Hi minna, congrats that youre almost done. Im getting ready to do my first rehab as well. Are you finding yourself having to be onsite at the house with the contractors on a daily basis?? Do you have a day job?? Im worried that my day job is going to interfere with the rehad and setting it all up while making sure it gets finished.

Thanks
Joel

Edited: 06/26/2010 at 03:27AM

Minna Reid

Real Estate Consultant · Tolland, Connecticut

674 posts
352 Influence
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Icon_minipost Apr 01 '07, 05:30 AM

Well I don't have a dayjob, so between my boyfriend, his cousin and I we've done everything ourselves, minus a few things I hired out for. In your shoes though I would definately be on site probably every day, or at least most, unless somehow you just happened to find the most timely, trusthworthy, selfmotivated, self directed contractors in the world.
The only longer term contractor I've outsourced for this one is a plumber, and I'm on my third. Good help is hard to find.

Edited: 06/26/2010 at 03:27AM

Vincent Brooks

· Indianapolis, IN

24 posts
1 Award

Icon_minipost Apr 11 '07, 07:26 AM

Have you attended of joined a REIA in your area? Contractors that attend these meetings and set up tables advertising their services are a good bet. They know that they're in an environment of serious investors. Dishonesty or other assorted carelessness on their part can soil their reputation.

Edited: 06/26/2010 at 03:29AM