1st Investment Deal, Need Remodel Estimate Form
I am reposting from the Rehab forum. I received two really good ideas but was hoping to get more input. I may have posted to the wrong forum that is why I am reposting here. I appreciate any help you all call provide.
Hello everyone,
I am close to closing on my first ever investment transaction. I have been researching REI for about 3 months and I am like a fish out of water. I found a deal that is a fixer upper and will need new kitchen, 2 baths, flooring, landscaping, paint (interior/exterior), and some roof repair. AC is in good working condition and the plumbing seems to be in okay shape, in my unprofessional opinion. I have no exprience with making estimates for project like this and would appreciate any help from everyone willing to offer advice. If anyone has a form they use or a formula for estimating a remodel that would also be very helpful to me. The deal is a SFR is Maricopa County. I hope to get it for 152k and put no more than 40k into the remodel and sell it for 235k. This is just below average market value currently for this type of home in the neighborhood the home is located. Please help all your wisdom is appreciated.
Thank you Bargain76,
I value yuor insight with dealing with this situation. I was wondering how much to reduce my offer. Using your rule of thumb gives me a better feel for what to do. You are right about feeling good about my offer. I will challenge myself on this rebid. I will keep you posted on how things turn out. Thank you again.