1st Rehab
I'm a bit nervous...who am I kidding...I'm very nervous...as I am prepping for my first rehab. I've got the house in my sights and hopefully will be closing on it soon. I'm pretty anal about things so I'm always checking and re-checking my numbers when it comes to the ARV, out of pocket, holding costs, hard money loan interest, private money loan interest, etc. Just trying to make sure that all my i's are dotted and all my t's are crossed.
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Good luck to you! The one piece of reassurance I would give is to not let fear overwhelm you. I did my first rehab 10 years ago and, looking back, it was quick a boondoggle. That said, I survived and learned a tremendous amount. I would overestimate the costs and underestimate the ARV just to be safe. I'd also recommend a solid plan to pay back the hard money loan as soon as you can. If you are buying in Chicago (where BP says you are from) it should be fairly easy to resell quickly. You could always consult with a local realtor to get statistics on "days on market" for the neighborhood.