First Rehab Cost!
I'm working hard to get started on my first rehab. I have roughly $5000 cash, and $2500 home improvement store credit. I would prefer some cash back at closing. I would like all advise on what others have gotten started with or what you think you can (or should) start with. :-?
There are just a ton of variables here. I have done homes that needed less then 1000 bucks to get up to speed and rent and others that have been in the 13K plus area. Sounds like you have enough capital to get it going but just depends on how much rehabbing you need to do.
Don't count on cash back at closing. That usually takes some very artful manuevering.
stay away from using the home improvement store credit line unless you pay it off quickly or get 0%( then don't be late on a payment or you get jammed) 5 grand can go a long waytowards curb appeal if you do it yourself. BUILDING SUPPLIES AUCTIONS!!! check the paper good luck
Thanks for the replys, I love this web site and all the help.
The plans are when a house is sold to pay back all barrowed money first then pay myself for my time, then 50/50 to pay down other bills and build capital to safely do better deals.
Like many on these forums, the first deal is scary, worried about running out of money before its rehabed or sold.