All Forum Posts by: Jessica Vanderveen

Mine is the fear that I will buy the wrong property and lose money, and put my whole family in financial distress

Trying to get into the world of house flipping, and I'm calculating the rehab costs for a property. Do you include the total amount for each item in your estimate, or just the pretax value? (I live in Ontario). 

We've done a few live in flips (most of the work ourselves). We also built our own house so I'm pretty comfortable with organizing and hiring contractors. We also have a few contractors we trust, which I think it huge. The holding costs and other fees would be about 40K over 6 months. I feel like the numbers work. It's not a huge profit, but I would be more than fine with 50K if everything turns out. With a 200K renovation, I can't see there being many other hidden costs that we haven't already included. 

Hello! I just put an offer in on my first investment property. We just had the home inspection and there are a lot of major things wrong with it - needs a new roof, new windows, has rotting support posts, asbestos, knob and tube wiring, needs new septic. This would be a total gut job and put everything back together.

It's a century home and the foundation and structure is good. It has beautiful high ceilings and original trim and doors, and a great layout. Great location too just outside of the city, and I know it could be a beautiful family home. 

Here are a few numbers: ARV 350K. Renovations ~200K. We're hoping to get the price down to 50K.

Would you do it??

Hello! I'm hoping to jump on the house flipping wagon, thinking of putting in an offer on my first flip house! It's an old house, and most likely there's asbestos (ceiling tiles, floor tiles). What is a general cost for abatement? (Ontario, specifically Ottawa area would be great if you have experience and comps)