1st Deal As Investor; Need Remodel Estimate Form.
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.
Hi MS,
I use agents currently to locate properties through the MLS, I also do drive-buys in neighborhoods that I am farming. I also utilize the foreclosure lists and at times contact the preforeclosures. And also call every FSBO I find. There are also the bandit signs and many other forms of marketing that can be helpful. If you are just starting out try joining your local REI clubs in the area and make some contacts with seasoned investors, they at times will have properties they cant handle and may flip them to you or visa versa. The VA and HUD listings are a tough road to hall in my opinion, I always seem to get beat out and that the prices here are near market value.
Hope that helps
Aces