So I bought this property with zero dollars. This is what I have done to the property and what's next.
Bought at; 77,500$ (4bed/2baths)
Rehab budget: 10k (but since there were major unseen problems pushed it to 13k)
Closing cost; 780$
Lenders fee: 7% of 100k he let me borrow so 7k
Buyers agent fee: 3,500$ (3%)
ARV; 125k (I will try to sell at 130k since it did not get flooded by Hurricane Harvey )
Holding = 3,000$ ( 6 months holding)
This is the work the house needs and some that I had done and what it cost me.
Foundation lift (28 wholes) = 4,050$ (done)
Plumbing (while the lift pipes broke) = 1,200$ (done)
Kitchen = 1,200$ (halfway)
Roof rot repair = 500$ (done)(did not replace the whole roof since it’s in fair condition)
Laminate Flooring = 400$ (done)
Restrooms = 800$
curb appeal = 500$
Paint = 200$ (have it)
hardy planks = 100$
framing/sheerock = 300$ (done)
bass bord = 250$ (have it)
fans = 100$ (done)
doors = 450$ (done)
Helper = = 180$ (halway)
total = 12,230$
Most of the work I’m doing my self with others except foundation, plumbing, kitchen. The reason why is because I want to get experience and knowledge in how thing work and are. Next project I will do a lot less. Also, let me know what I could do to make it sell faster or what color of the house should be! Thinking of using gray neutral, but let me know! :)
For some reasons I can't make the picture to go up right. But here are some pictures.
Congratulations on the first deal. I'm curious what your plans are for the kitchen. I would think to get top dollar in today's market you would have to completely gut that kitchen but you've only allocated $1,200 for it.
@paul bowers, yes I gutted the kitchen 2 kitchen cabinets are in excellent condition and so does the main cabinets from the sink. I'm getting a carpenter to do 10 cabinets/installed and painted white he's doing them for 700$ his work is amazing. (Close friend).
I'm putting laminate (dark color around 100$-120$) since The market area uses granite or laminate and both sell pretty good. I'm putting back splash (which idk why but love to install them my self, takes my mind off of things) I get a really beautiful white rock like with silver for 6$ a sqft (only need 12-14 sqft).