Rehabber Costs (?)
I need to find out what it normally costs to rehab a house in Central Virginia (specifically City of Richmond). I have a seller who has two old houses in the city (two 4/2s) and they both need a complete rehab.
What are the normal costs associated with the rehabs? I need to find this out before I think of placing them under contract to wholesale them to a rehab investor here.
TCR_Va,
Their is no really black & white when it comes to rehab. I'm not sure any one will be able to provide details without all the facts.
My suggestion would to get two or three bid's on the subject repair.
[addsig]
Hello TCR_VA, prior to submitting the offer, phone a locate contractor, have them meet you at the subject property. Do the walk-through with them, tell them what your plans are for renovation. Have them draw-up a price breakdown of the repair. Take this to the mortgage loan company, have the property appraised at the fair market value based on the stated improvements. If the value is 20% or more above what the cost of the property plus the repairs, then you have instant equity built into the property. To which you can refinance asap and this will be like unto getting cash back at closing. This can be done, as a matter of fact I am working such a deal at present.
I am sorry that my post is so vague. I guess what I was looking for was what a city row house would cost to gut an redo. I found an investor here in the city that was able to give me estimated costs.
I realize it varies greatly especially if there are foundation problems or place had bent burnt.
Thanks for your responses!