NEWBIE: How do you calculate how much a house will cost to rehab?
Hello, this is my first post to this forum. I was doing some searching today and found this amazing community that I look forward to being a part of. you guys have a tremendous amount of knowledge that help people build wealth and success on many levels and I am glad to be a member. I have never invested into property myself, but have been around it and know the fundamentals of how house flipping works. on the other hand I'm not sure how the cost to investment part is calculated ?
lets say I take a look at a house that could use a rehab, kitchen, bath, windows, floor, paint, moldings, recess lights, lawn ,.....
What about the electrical ? how do I know if I should or shouldn't change it out? same goes for plumbing ? do I stick to the, if it isn't broke don't fix it rule ? or if I'm doing everything else, am I supposed to do the electrical and plumping and havac?
how do I find a good contracting team ? I need some one who I can trust that will come to work and do a good job... which makes me think, if the contractor builds something and the inspector say's its wrong... does the contractor get monetarily punished ? is that the norm in the industry or do I want to apply too much pressure ?
also, how do I figure what type of counter tops,flooring,tiles, waterless tanks, etc, are better vs others as far as price and quality. the last thing I want to do is spend my time and money to find I built a cheep looking house. I want to built a nice looking house for an affordable price that will ultimately bring value to my restoration and bring a nice profit.