All Forum Posts by: Kim Handelman

Ok, so would that be holding for 6 months at 12% interest only loan? BTW I've never taken advice from a dog before but he is cute!

Hi Friends,

I am analyzing a deal for wholesale and wondering how I estimate holding costs if I don't know the rehabber's financing. This could vary significantly.

@Scott England@Sky Mikesell Thanks to both of you. I never would have thought of Home Depot or Lowes. Didn't know they installed. As for Paint, I've emailed a guy and left VM messages and haven't gotten a response (what is it with these guys!). Let's hope he gets back to me soon.

I'm wholesaling and haven't made a ton of offers but I spell it out and you're right you gotta be careful not to show too much profit. Especially for a wholesaler because I have to show my profit and the rehabbers profit. I fudge the numbers a bit so they don't see all the profit. I've gotten good feedback by showing my numbers. You might ask up front. I met with a seller today who's going to lose over $200,000 on the place (bought at the height of the market). I told him I would show him my breakdown and he said "I don't want to see it. I'm sick of this place. I just want a number!" So with his input, I'll just send him a number. I'd feel them out and go with what seems right. Good luck.

@Jean Bolger is spot on. the arches are gorgeous. The awning has to go. As for the fireplace, the firebox doesn't bother me as much as the soot in the grout. Not sure how to clean that but that would help a lot. Great looking house! Good luck.

Hi Rehabbers,

I have a wholesale deal that I'm working on and don't know how to estimate some things. First off the entire house needs new flooring. High end neighborhood so Hardwood throughout except bedrooms. It's a 3,000 sq ft house. How much for hardwood and carpet do I calculate per sq ft? I'm in CT and I posted on our local forum with no response. 

Second, this house is the ugliest brown I've ever seen. How much to paint exterior? Is there a sq ft price on that too? and the roof is in decent shape but really stained. Can you power wash a roof? THanks,

@Francisco G. Welcome! If you would like to find people for your deals, no better place than one of the 2 BP meet-ups that happen every month here in CT. One is in Fairfield run by  Jonathan Makovsky and the other is in Rocky Hill run by Salvatore Rondinelli. 

Both are great for networking. Great people. Hope to see you at one or the other! Good luck, -k-

Hey CT members,

I have a lead on a deal that I need help on. Big house. Just over 3,000 sq ft. Needs all new flooring. I don't get inside until Wednesday but there's tons of pics still up on MLS so I have a good idea. How much do rehabbers usually have to pay for hard wood per sq ft? I've done some research and see that it's in the neighborhood of $4.50 sq ft for wood but what about installation? Got another price for $7 sq ft installed. is that right? Which do I use? Also how about carpet prices for bedrooms?

People doing business like that is exactly why wholesaling gets such a bad rap. I'm not that experienced but I would never advertise a property unless I had it under contract. For one thing, that's a great way to ruin your reputation if the deal doesn't come through. Second, if you put it out there without a contract it would be easy for someone to swoop in and steal the deal. Question? Why are you waiting to be licensed to wholesale? No need to be licensed in CT is it different in your state?

@Bill Gulley@Jim Viens Thanks guys, I never thought about the idea that attorneys don't want to deal with wholesalers. I can see how they might think there's no money in it because we never buy. That said I called this guys firm last Wednesday and his paralegal had no idea what to do with me. I was very non-confrontational and played the naive newbie just asking why he did the title search. I still haven't gotten a call back. I'll take your advice and not burn the bridge but still go look for better representation.