Buying townhouse in Wilmington DE

[Amar Sonar]

Hello All, Would like to know avg.rehab cost of townhome in Wilmington DE ? I am looking start renting portfolio with adding some properties. Please guide to know about rehab cost and rent. Areas are low income with avg. rent 600-900 bucks.

[Dustin Verley]

As @Cassandra Sifford has mentioned, I would reference the two books from J. Scott. I've read both and they are great primers. The best way to understand the average cost is get out there and make mistakes and learn from them. Of course, I'd also suggest working with some fix-and-flippers to get an understanding of the process, also finding a GC that can walk some properties with you.

I would say though to ensure you offer some sort of value to the GC in exchange for their time. Doesn't necessarily need to be something monetary but even the possibility of hiring them for your properties could be value.

After a couple times of doing these, you'll have a better understanding of the process... but there will still be variables (labor, materials, your exit strategy also carries weight as well, whether you're going to fix-and-flip to a retail buyer or rent it out.) For instance, you wouldn't put expensive marble kitchen counters in a rental (unless the market supports doing so.)