I have a great opportunity in Fort Lauderdale that would require extensive rehab, new kitchen, add a bathroom, remodel a bathroom, roof, etc. I am looking for a contractor and wanted to see if anyone had suggestions. Thank you in advance for the help.
Hey Bill what type of property is this in Fort Lauderdale?
Its a single family home, 65 ft of open water access, good seawall and dock in Croissant Park. Its a 2/1 home from the 50'sw, block construction. It needs a bathroom added and a full remodel on the inside as well as a new roof. Its a major rehab project but I think there is potential. It is listed at 420k, but I think I can get it for 400k. Realtor is trying to tell me ARV is like 625 but I think its more like 550.
It also has a pool which is in good shape.
Have you gotten any bids yet on the rehab cost?
That is a crucial part of analyzing and underwriting the deal.
I have not, I just found this one yesterday. It was under contract previously and it fell out. I am a rookie too, so appreciate any input or ideas.
Gotcha well unfortunately I don't have a GC down there but hopefully someone does for you.
I've tried asking for Palm Beach County referrals a couple of times with no luck though.
You can always try Craigslist, AngiesList and HomeAdvisor as well just make sure to vet them well.
Thanks, appreciate it. This one is probably too big of a rehab for me to tackle on my first flip. My plan for my first deal actually is a house hack on a duplex or tri plex, something but I feel like this one is a winner for the right investor.
Reach out to Lex Levinrad at the Boca Reia. He is connected with multiple contractors and he will give you an honest opinion on the project you are attempting. Lots to consider with no experience in re-habbing. Just google him and contact him directly. I wouldn't take much stock in the realtors opinion. Do your due dilligence. Good luck.
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