1st Rehab Project
I am going to settle on my first rehab property in a few weeks. I have comprised a checklist of major items I need to do in the early stages. What else should I be including?
Get utilities turned on in my name
Obtain builders risk insurance
Draw up rehab contract
Install alarm??
Thanks!
Where is this rehab property ? What you should do depends on if you are renting the property or selling it and what kind of neighvor hood it is in. Lets start there.
looks like you are headed in the right direction........km
You'll need a definitive scope of work to describe your renovation plan. The better you define this scope, the better your bids will be from contrators (e.g., not just: "..replace vinyl flooring in kitchen..." but rather, "install new Armstrong XX-xxx sheet vinyl in kitchen..." etc.
You should know every product you want installed before you call out the contractors. Including plumbers. I suggest you research HVAC systems before you call out those guys. They each tend to have their favorite brand and some of their cheap lines can be real doozies.
You can email me if you encounter specific contractor questions. Check my profile.
The property is in Baltimore, City...it is an end of unit townhome. I plan to rehab it and sell it. There are comps in the area for $55k - $60k and I am purchasing this unit for $24k and it needs $8,000 - $10,000 of work. It needs new appliances, toilet, vanity, carpet, paint, yarwork and some miscellaneous fixes.
Thanks for all of the help!
Rob