All Forum Posts by: Alex T.

Before I can offer any advice on the renovation costs (I come from a GC background), I would need to know the size of the house, the number of beds and baths at a bare minimum. From my number crunching based on the limited info, $70K initially seems high, however $40K you mentioned seems low. $50-60K sounds more "ballpark" if your paying someone to do the work.

Number one, most subs will be reluctant to simply patch or fix up a roof or hvac. They will pish for a full replacement. Not so much to make more money, but because their name will be on it and if things don't work right, they won't want to be associated with that.

If your GCs are simply overseeing a group of their subs, like states they will have their fee on top of every sub price. This will drive the cost of the work up. Everyone involved needs to make money, and the more people, the more money they will want to make, vs. the less you make.

Send over the details of the house, age, age of systems/roof, size, fixture count (beds/baths) and anything else you'd like to share. With that we could offer significantly more help.

The house is 1500 sq/ft with 2.5 bathrooms and 4 bedrooms.

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Originally posted by @Erik Pedersen:

For future endeavors, bring your contractor in before you buy the house. That way you can run your numbers and make a better offer. I dont think it will kill you this time, but be aware thats the most important due dilligence you can do.

I wouldnt do laminate floors, do hardwood.

How many reputable contractors came? They all said 70k? It is probably going to be more. The better stuff you put in the higher price youll get.

What town is this in? If you can sell for 220k that would be a good flip, so using higher end materials and making it nice might pay off.

Also, dont really understand your question. You have the house, what else do you need to do? Fix it up and sell it! How would we know what else needs to be done as far as fix up we dont see it or know what it looks like or anything.

Good luck my friend.

Whats the benefit of hardwood rather than laminate?

I had 6 contractors come, im waiting on estimates from 3 but the other 3 were all near 70k.

The town is Roselle, NJ.

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Hi, I'm a first time house flipper and just bought my first foreclosed property for 108k. The comps in the area are anywhere between 200-220k. Ive been meeting with contractors everyday, but don't really know whats a good deal and whats not.

Since the house is a foreclosure there are a lot of issues such as:

Downstairs(basement)

If anything is missing or broken on the walls its going to need sheet rock
Tile on the floors
Furnace / hot water needs to be re-piped

Main floor

Whole interior of the house needs to be repainted
Tile on kitchen floor
New appliances / cabinets
Laminate floor
Granite counter top
Recess lighting
1/4 inch sheet rock on the top of the kitchen
Bathroom re-tiled
Stairs re stained

Upstairs

New door for bedrooms
New light fixtures
Same laminate floor downstairs used upstairs
Completely new bathroom

Outside

Roof needs to be fixed (not replaced)
Foundation needs to be painted
Front porch needs to be touched up

So basically that is what needs to be done for the house. Like I said I paid 108k, but materials and labor seem to be costing about 70k. I was expecting it to be 40-50k, but apparently the furnace might need to be replaced, and the roof might need more work than expected.

I suppose my question is, what else do I need to look for?

What else do I need to get done?

Am I missing anything?

Anything to keep in mind when dealing with contractors (they make make me buy things i don't need so they can profit off it)

1 Vote

All Forum Posts by: Alex T.

Alex T. has started 1 posts and replied 3 times.

Post: Flipping a foreclosed house in New Jersey (Detailed)

Post: Flipping a foreclosed house in New Jersey (Detailed)

Post: Flipping a foreclosed house in New Jersey (Detailed)