All Forum Posts by: Madison Loftis

@Markos Gerges

Thank you! Have you seen any houses from wholesalers or auctions in the area that are able to have minimal rehab? Maybe I was just planning for the worse. What would be your ideal numbers?

@Braden Smith

Those were great articles. I’m currently reading flipping houses by j Scott (great read), the cost of rehab one is on the way! I had talked to a few contractors and that was the number they all came up with. They didn’t mention pricing by sq/ft which should’ve been a red flag, I think they just pulled that number out of there butts. Thank goodness for forums so I can rethink my budget! Now That I’m reading about it it’s looking more of $25-$30 per sq ft!

@Braden Smith

Thank you! Full rehab meaning, foundation, roofing, plumbing, electric, appliances and cosmetic work?

@Brandon Sturgill

Thank you! That’s good to know, I have been searching around and have seen many different answers.

Another question: new roofs about $4 per sq/ft? Depending on materials. Not wood

Investing in the Detroit area, looking to buy and do complete renovations. Was thinking it will take about $20-$30k for interior and exterior work for a 1500-2000sq/ft house. Has anyone done work in the area and know if this is a correct estimation.

Looking to buy houses at auction and through wholesalers in the state of Michigan. Should I get an attorney or would it be worth me investing in my realtors license for the buying side of things. Will still have an attorney in my back pocket but keeping as most money to myself if I can makes more sense to me. What are the pros and cons.

Looking to buy a duplex or multifamily homes from wholesaler or auction in the areas surrounding downtown Detroit. I know we will have to put about $25k+ of renovations and I read that refinancing does not work well in the area. Would the "no and low money down" be the correct way to go and take a $30k rehab loan from a private lendor or pay cash for rehab costs. If pay cash how do we scale and invest in more properties from there with out refinancing?