Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 3 hours ago on . Most recent reply

User Stats

72
Posts
49
Votes
Jon Catterson
  • Flipper/Rehabber
  • Sacramento, CA
49
Votes |
72
Posts

Intro & Calc Review - itemized rehab costs, purchase costs

Jon Catterson
  • Flipper/Rehabber
  • Sacramento, CA
Posted

Hello all,

I live in Sacramento, CA. My wife (then girlfriend) and I purchased a long-distance SFH in Columbus, OH, in 2021 and sold it in 2024. It went well. Sidenote: @Zeke Liston is a great realtor there, and Donny Thompson was a great property manager. Both provided numerous off-market leads. Donny had contractors he worked with for his landlord clients. 

Now, I want to fix-and-flip locally before perhaps doing long-distance BRRRRs, which I believe do not work well here in Sacramento. I have read The Book on Flipping Houses by J Scott and summarized it for myself, have listened to The House Flipping Framework by James Dainard, and am now reading it and summarizing it for myself. I have utilized J Scott's The Book on Estimating Rehab Costs to estimate renovations. Since the latest edition was published in 2019, I am using the upper end of the ranges due to inflation. I also have a good friend who knows everything there is to know about construction, who corrected some of my rehab estimation mistakes, though he is not a flipper and has some blind spots for what is needed for flips. 

I have a realtor and am searching the MLS. I've made three offers. They were all lower than the list, and the properties went to someone else for list. I think my rehab estimates are high, but I hesitate to go lower since I'm a beginner to this. I will use a general contractor for sure on this first flip, which of course adds to expenses.

My money comes from a self-directed IRA. I am using all cash, no financing. My plan is to flip one or two properties within the self-directed IRA, gain experience, and then utilize hard money or, ideally, private or soft money, outside the IRA. I don't want to do too many flips in the SDIRA to avoid UDFI tax.

Below is an analysis I did on a real property I visited. The rehab estimate is itemized to a certain extent. The one I did was more in the weeds, but what's in the reports gives a good idea of what I thought. 

I would REALLY APPRECIATE any feedback IN GENERAL and on the REPORT. Thank you!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

  • Jon Catterson
  • Loading replies...