Can someone help determine rehab costs and repairs? CA

Question

Hi BP fam! Looking to get some insight on rehab costs for a distressed property I came across in California. I'm really eager to get an offer in but want to make sure my numbers are right. Does anyone know what the rehab expenses typically are for the following? The property is in very poor condition I might add, it needs an extensive amount of work.

Kitchen:

-Drawer/Cabinet replaced, Flooring, Appliances, Paint.

Living Space(s):

-Paint, Flooring, replacing wood paneling on the ceilings?

Bathroom:

-Sink, tub, floors, paint

Throughout:

-Paint, flooring, lighting,etc, Deep cleaning.

I know this is a very rookie question but it would really help me to understand if I'm implementing the correct numbers to bring me to the correct ARV to make better offers. Thanks in advance, looking forward to all your knowledge and advice!

Jo-Ann Lapin · Answer

Fortune builders has the best training and a really good budget work sheet work up . I would look into that . Happy to network and assist .

Tim Stuart · Answer

Ane,

After getting the rehab costs estimated to the best of your ability, and If the numbers look like it will work, I recommend putting in the offer with a contingency based on inspection results. That way you lock up the contract with the ability to safely exit if the rehab is too far outside your parameters/budget. Remember that there are some significant supply chain shortages in effect right now so depending on your exit strategy, it may lengthen your timeline if having to wait on certain materials, ie: higher end appliances/doors, etc.

Hope this helps,

Good luck.

Tim

Ane Fifita · Answer

Thank you for your responses! To answer your questions the home is 3 BD 1 BA 1056 sqft. Located in southern CA!

Jon Schwartz · Answer

Ane,

I think you left out the most important info:

- What's the square footage?

- How many bedrooms?

- In what city in CA?

Thanks!

Jon