Timeframes; closing, rehab, rent

9 Replies

Does this sound fast enough?
Closed April 1st
All bids in April 26th
Roughly 4 weeks to complete.
Hopefully rented in June.

I was thinking that this time frame was slow but after some research perhaps it's fast or average.
What are you guys experiencing?

My first mortgage payment is in May so it looks like I'll have to pay the first payment myself.
Is it unrealistic to think you can have full rehab done before first mortgage payment is due?

Scope of rehab: all new kitchen, floors, ceilings, update baths, paint and a lot of odds and ends.

@Elizabeth O. There might be a lag between getting the bids and when the contractor is available.  Their bids may include a time table, but the start date sometimes moves.  When you touch plumbing and electrical (new kitchens and baths) city inspections must be calendared-in.  This sometimes causes a gap in work. Floor crew might be a different contractor, as re-finishers have their own specialty and calendar.  Waiting for his/her schedule to clear, may cause a gap of time.  Painting is a snap, once the other work is complete.  Then the punch list takes a few days -- hanging mini-blinds, ceiling lights, new outlet covers.  Marketing can begin.  The speed of finding a tenant depends on how desirable the unit is for the area, with regard to the area supply of such a spiffy listing;  a week or 2 to do select tenants and gather deposit.  Plan on a making a few mortgage payments, you will sleep better.

 Hi Elizabeth,

It can be done just make sure hour contractor is on top of their game.  As soon as they are close to done start marketing it aggressively.  If the house was built before 1978 youll need a lead inspection.  I have a good inspector but they need to be scheduled a few weeks in advance.  You might need more inspections depending on your area.  Im in Montgomery County but im sure I can answer questions on other things if you need it.

Thats a tight schedule but its good to have goals and im sure you can make it if you have the right people, though they arent going to be cheap.

Good luck,

Tim

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You may need longer to get the rehab done but why the long lag on bids? Line up the contractors to be onsite the day after you close and give them all ONE WEEK to submit their bids.