All Forum Posts by: Calvin N.

My wife and I are in the first week of a rehab. We are doing a lot of the work ourselves. This week we have removed all trim, paneling, carpet, pad, old wood flooring, and are working on removing the blue tile from two bathrooms. We will finish removing the cabinets and toilets from the bathrooms this week. The paneling, floor molding and crown molding in this house was put up with large nails so removing it was very slow. Our schedule for the remaining of the work is:
sheetrock crew to repair and install sheetrock where needed;
install all trim work and paint all interior rooms;
tile bathrooms, install cabinets and new toilets and fixtures;
install new kitchen cabinets;
install new appliances;
carpet crew to install carpet;
clean yard of debris, trim shrubs and trees;
paint exterior trim of house;
new front door and light fixtures.

Working at night after work and on weekends for our part we expect to be finished by late March. The contractors will be done with their part before the end of February. Should be on the market in the prime time of spring. Keep us posted on your progress. Best of luck to you.

I have purchased a builder's risk policy for a house we are renovating. However, it does not include any liability insurance. What type of policy/coverage do you recommend to for liability? Any particular company? Will an umbrella policy cover mulitple properties? I have the builder's risk policy through Zurich. Thanks for your help.

To give you an opinion if this is a deal or not we need more information. What does it rent for? Is that comparable to other units in the area? Are you wanting to keep it as a rental or fix and sale? In my area most all duplexes sell for 40-45K a unit, but that means nothing to you since all prices are driven by the local market. Give us a little more detail after you view the property. Also, find out why the owner is selling. Best of luck!

There is software available that will help with this but the best way is to go shopping. Write down the dimensions of your rooms, cabinets, counters, walls, etc. and go price paint, carpet, padding, sheetrock, toilets, tile, mirrors, cabinets, etc. etc. It is time consuming, but if you are going to be making the purchases it is a good way to learn the materials and the costs of them.

I would also have a contractor come in and give you a detailed list of costs for materials and labor for the job. His connections may be able to get him a better price on some materials. You may also find some things he can do for you as cheap or cheaper than you can yourself. My wife and I are working on a rehab right now and we have taken many trips to Home Depot and other stores just pricing the items we will need. Make it fun and enjoy it. It is all a part of your education in rehabbing.

Any major metro area is going to be high priced. I live about an hour outside of the Atlanta metro area and there are pleny of homes that sell for 100K - 120K that will rent for $800-$1000 a month. I read so many posts discussing houses that cost 300K - 500K to purchase a fixer-upper. I am so glad I live in an area that is resonably priced!

As a new agent I am searching for a broker to work for. What do you like most about yours? What questions would you ask of brokers if you were new and just starting out?

A 4/1 could be a tough sell, especially in a tight market as you say yours is. However, you have only had it on the market for 3 weeks. The past three weeks are typically tough for real estate: right after Christmas and the New Year. It is not a time when a lot of people are out searching for a home. Give it some time if you want. The additional bathroom is a good idea. You just have to decide if you want to make that investment. How many months of payments will it take to cover the cost of adding a bathroom? That may help you decide. Best of luck!

Ask the realtor. They can tell you the length of time on the market. If you don't think you will get an honest answer from the seller's agent, contact an agent yourself to act as a buyer's agent. They will be able to give you the details about the listing. Best of luck to you!

20% of what? The amount he loaned you or 20% of the profits you make on the deal? If you are offering 20% on the money he loans you for the rehab costs you can probably find a lot of takers on that deal. What time frame do you expect to be able to repay him? Will you pay him something each month during the rehab process or just wait until you sell before he gets any return on his money?

Have you seen the inside of the home? Why is it for sale? To wholesale the home you will have to get it at a greatly reduced price. If the homeowners are just selling to move they may not be willing to come down to what you want. All you can do is talk to them to find out their motivation level. Go see the house, look around, talk to them. If you just mail them a low-ball price without ever seeing the house you may just insult them and lose all chance of getting the house at any price. Check out the house to see if it fits your requirements for wholesaling and then make an offer in person.