All Forum Posts by: Cody Neumann

@Samarth Patel

The book on estimating rehab costs by J Scott is great.

@Roy Gottesdiener

To save more of your cash you could search for a hard money lender which a lot will finance the acquisition and rehab costs up to about 65% of arv and then refinance out of that loan after 6 months.

@Alex Scotte

Always rekey between tenants

@Thomas Long

I’ve found an insurance company that insures the house with knob and tube by me so they are out there and I’m not paying an arm and a leg.

Depending on the condition of it if it is actually a hazard or not would be best to determine whether or not to replace it. If it’s a 1 story house your looking around 2-3k to replace but once you get to the 2 story houses it goes up to about 7-10k to replace so I would recommend factoring that into your numbers or get an electrician estimate in your due diligence period.

@Nadir M.

I would get some form of rent roll proving that the tenant is paying the rent monthly and they aren’t behind on rent.

@Ross Asher

Using private money lenders.

@Stan Mays

It takes time and practice as it doesn’t happen over night. So as long as you stick with it you will start to understand better.

@Tim Otto

Reduce the amount of debt you have or that you are paying per month or increase your income.

@Juan David Maldonado

They typically charge by material + labor ($90 hour normally).

I wouldn’t say the wiring is bad after sitting for that long but if it is a concern I would at least ask an electrician about it or have them check it out.

@Stan Mays

Either get in touch with a local realtor that knows the market well or study recently sold properties on Zillow and realtor.com to see what properties have sold for in your area and what sort of finishes they had.