All Forum Posts by: Shawn Thom

I am no expert, but I've done a few rehabs.  When I walk houses I try to think of what it would cost for various things.  I am usually off, sometimes way off.  I thought it would be helpful to some newer people to post real world examples of prices.

Example: house in the 150K range.  I typically wouldn't put granite in a house like this but I had to replace the counters anyway so I went for it.   2 small bathrooms that had one sink each.  

My thought- By measuring you can come up with your square footage pretty easily in a bathroom like this- then just multiply that by your SQ FT price.  In my example, the counters were 64.5 in X 22.5in  and 59.75in  X  22.5in.  its about a total of 20 sq ft.

What did I forget??

Cost of white oval bathroom sink & cutout was $75 each (kitchen sink is $150)

Calculating the 3 in (I think that is the size) backsplash that goes around the permiter.  That (according to the quote) added approx 5 SQ FT.

Waste- my guy charges very little for waste if I use the basic colors that he uses all the time.  In this case he added a few sq ft for waste.  You need to check because some places will make you pay for a whole slab.

Total he charged me for was 28 sq ft.  I used St Cecilia (sp?), which is considered a base level for most places.  My guy charges me $28/sq ft installed plus the sinks shown above.  NOTE: from what I've seen these are pretty good prices per SQ FT on granite.

$28 x 28 sq ft= 784

2 sinks= 150

total $934

Uganda is a great country full of wonderful people. I hope to spend time there on a more permanent basis in the future. That being said I know from experience that uganda is a difficult place for foreigners to buy property without getting scammed. I could say a whole lot more but won't on a public forum.

I am not a realtor but rather an investor.

I've had a buyer and a seller track me down through FB.  I have also gotten a family member to invest via a private loan to me because I show what I'm doing.  I try to only post 1 thing every 2 weeks or so just to keep some activity.

selling to the buyer that tracked me down saved me almost $7k in realtor fees alone.

I am no expert, but on #2 for an SUV is $25k you can write off.

I believe a pick up with a 6 foot bed could qualify for full purchase price.

I have no knowledge about this so I could be way off.  Look into creating a trust and moving the house into a trust.  From what I have read on the internet (so take that for what its worth) creating a trust should not trigger the due on sale clause.  Then you can be a beneficiary of that trust.

check collin college...its now what they call collin county community college.  There course description says it can be done via distance learning.  

http://www.collin.edu/ce/courses/re-mtg.html

Also check Dallas county community college to see what they have.

Make sure the $5k is made to title or escrow officer/company. In Texas calling the money a deposit vs earnest money carries a significant difference. I don't know about Florida. In Texas earnest money comes with rules. Deposits bypass those rules and is harder to get returned. Make sure your inspection period is clearly stated and that you can cancel anytime for any reason and get money back.

Check around with smaller banks and see if they can do portfolio loans. I don't know about New York but in Texas there are plenty of options.

Your numbers look good as far as percentages... a 73% deal.

How confident are you in them (the rehab and ARV)?

Did anyone look at the house?

Where did you get your buyer's list?  Are they legit buyers?

100% loan and 100% LTV are 2 significantly different things. I do know rehabbers with extensive track records and whom have built relationships with lenders getting 100% of purchase and rehab financed and their monthly loan payments are not due until the sale of the home (this example was a flip). On holds I have gotten 100% of purchase and rehab and holding recouped after a refi. In my example it came out I was lucky on the purchase and appraisal, usually I'm a few thousand into the property once it all washes out.