1st Rehab Blues No More!

Well, it finally happened. Lowered my price to 309,900 as mentioned in my last thread. Got 2 offers about 3 weeks ago. One was full price, no house to sell, financing in order and looking to close asap. I though it was too good to be true, but we are closing this Friday. Thanks for all your input on my last thread. Now just need to find another property to jump into.

Comments(29)

  • mikejaquish6th September, 2005

    Good job!
    [addsig]

  • kfran12349th September, 2005

    After all said and done, netted just under 60k.

  • getgoing9th September, 2005

    Congrats KFRAN!!

  • jimingersoll9th September, 2005

    Congratulations! Are you going to do another one now?

  • psare5th September, 2005

    OK so I had a contractor come in and estimate to do the kitchen and bathroom. 40k labor only w/ labor for carpentry, electrical and plumbing. Kitchen is 266sq ft. bathroom is tiny. I was told the bathroom alone would be 9k. I still would have to buy cabinets, floors for both rooms, lights and windows. Part of the plan is knock down a wall from kitchen to livingroom but beams will not be a problem. Its not a supportting wall.

    Sounds a little steep.

    Any advice?

  • InActive_Account5th September, 2005

    Look for someone else.

  • psare5th September, 2005

    Thanks for you replies he did mention. fixtures were included but not windows and blueboard.

    That was my feeling.

  • Stockpro995th September, 2005

    getting two bids and paying $200 for them is cheap education in my book. Until you are doing a lot of deals why would a contractor want to spend the time to bid a job that will probably not come to pass..
    [addsig]

  • psare6th September, 2005

    By the way I ened up getting a free estimate from a different contractor.

    Thanks for your replies. The feedback helped.

  • smithj26th September, 2005

    There is NEVER a need to pay for an estimate. The fact that you may or may not do the job is part of the risk of doing business for the contractor.

    How about if we satrt charging prospective tenants or buyers a fee to look at the house because we are not sure if they will take the home or not.

    Congratulations for sticking to your guns and refusing to bend to extortion.

    Good Luck.
    JS.

  • smithj29th September, 2005

    Mike J,

    An inspection is very different from a quote. The original poster said that he was being charged $100 for a quote on the repair/remodeling costs not for consulting or inspecting.

    If I am trying to buy a property and I want to know how much it would cost to put in new floors so I can factor it into my bid, are you saying that you believe that I should pay every contractor who simply gives me a quote because I am not the homeowner? Maybe it’s just me, but I find that very hard to swallow.

    Good Luck,
    JS

  • mikejaquish10th September, 2005

    js,
    Yes. That is what I am saying.
    If you are using the information from the contractor to make an enlightened buying decision, he is providing a service of immediate value to you, and should be compensated for that service.
    At this point, you are not even a principal in the property, and he has NO chance of closing the deal, unless you decide to buy.

    It is also quite fair for you to ask if he will credit your account, when he gets the contract, for the fee amount.
    I routinely offer to do so.


    Quote:
    On 2005-09-09 16:13, smithj2 wrote:
    Mike J,

    An inspection is very different from a quote. The original poster said that he was being charged $100 for a quote on the repair/remodeling costs not for consulting or inspecting.

    If I am trying to buy a property and I want to know how much it would cost to put in new floors so I can factor it into my bid, are you saying that you believe that I should pay every contractor who simply gives me a quote because I am not the homeowner? Maybe it’s just me, but I find that very hard to swallow.

    Good Luck,
    JS

    [addsig]

  • forbi30th April, 2005

    What kind of resource do you use to know home price in a given area, apart from real estate agent. As you mentioned.
    thank you
    forbi

  • DonaldTrump12th July, 2005

    Quote:
    On 2005-04-30 00:03, forbi wrote:
    What kind of resource do you use to know home price in a given area, apart from real estate agent. As you mentioned.
    thank you
    forbi
    bump

  • bargain762nd September, 2005

    PamMathews is right. Now is the time to just DO IT.

    Most investors focus primarily on finding a distressed seller and offer a low enough price that will allow for extensive rehab if we run into problems.

    You already know more than I do about home repair, and I sold over 40 houses last year. JUST DO IT!

  • vikingchild5th September, 2005

    I do not think you need to keep a database of how much homes are selling for in certain areas. These numbers are constantly changing and the most recent information is on the internet - the MLX or other real estate sites, or just call your realtor. You should be using that time searching for properties and making offers. It is time to take the next step.
    [addsig]

  • webuyhousesmi10th September, 2005

    I think I hear you saying that your gut is telling you to lean to the L/C... I would agree.

  • rhelm7th September, 2005

    ...I should probably mention that the home is 1900 sq ft, 1.5 stories, and sits on a crawl space.

  • bgrossnickle7th September, 2005

    I add central heat and air to about 1/3 of the houses that I buy. If there is good crawl space under the house or a tall attic, it should not be a problem. Are there already vents in the floor for the old heater system?

    Brenda

  • 4EEM7th September, 2005

    Do you plan to live in this home? Rent it or flip it?

    You have walked into a perfect deal! (Assuming HVAC is only problem)

    Costs can range anywhere from 15-25k +. The seller should have no problem with you having installers comming to the property to give you a quote.


    NOTE: This is not a solicitation for business.

    Regards,

    Patrick S. Lawson


    Any programs etc. can be advertised in the lenders section......scenarios can be discussed openly in the forums..........telephone numbers are not allowed in the forums.
    Rules are rules......NC_Yank moderator

    [ Edited by NC_Yank on Date 09/11/2005 ]

  • bgrossnickle8th September, 2005

    If you already have vents in the baseboards, then you can probably use the existing duct work. May not be ideal, but good enough if you are reselling the house. I would expect to pay about 4k for an HVAC. I should know, just spent this morning 4k on a 13 seer HVAC for a 1400hsf house. 4k was for equipment, installation, some duct work, new vents, and wiring.

    Brenda

  • jimandlacy11th September, 2005

    IMHO - For consistency of color and grain it would be easier to buy new hollow cores and stain. Also, looking at time vs cost it would be quicker to buy new.

  • bgrossnickle11th September, 2005

    I have seen it done well. I think they used bondo that is used for car dent repair. Do not know how they got it close to the stained color.

  • JamesStreet29th August, 2005

    I was told by a contractor to use a hair dryer to heat up the liquid nail then you should be able to scrape it off.

  • kevnhl2510th September, 2005

    small grinder

  • webuyhousesmi10th September, 2005

    Liquid Nail Clippers

  • JJGooding12th September, 2005

    Post deleted for violation of forum rules.

    NC_Yank (moderator)

    [ Edited by NC_Yank on Date 10/18/2005 ]

  • getgoing12th September, 2005

    You could take over the property subject - to existing financing if the numbers work. There are still costs to consider when doing this.

    Also...
    Does she owe back payments to mortgage? Taxes? Liens?Ect?

  • getgoing12th September, 2005

    I would say you need to pay uncle sam off the top, then handle your splits on the profit....

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