Has Any One Had This Experience
I purchased a home for rehabb about four months ago
I just finished the work on the property and I have a contract on it to settle on monday, and I was just told that the title company never recorded the deed at the court house , and this is the same title company I am using for the settlement ( because I figure it would be easier for the chain of title) can you imagine how upset I am? has any body had this kind of experience before.
There is no such thing as square footage rehab estimating, no matter what some bone head tells you.
Just consider
- 1 house has 10x10 kitchen it has 35 linear feet of cabinets, to replace them all with oak cabinets cost? $6000
- 1 house has a 10x10 kitchen, it has 20 linear feet of cabinets, to replace them with paint grade cabinets costs? $2200
House one costs you $60 sq/ft for cabinets, house 2 costs you $22 sq/ft for cabinets!!!!!!!!!!!!!!!!!!!!!!
Now multiply this problem times the 100 items you need to give attention to in each rehab.
But.. is it not comparing apples and oranges?
I realize that different cabinets would cost different. You can get a cabinet at Home Depot/Menards or you can have them custom made and in each case the price will be different.
So my goal, is to stick with house #1 with plain cabinets and get a number of bids just for that house.
Do you have a better way to learn estimating repairs?
I estimated for years for a constructin company and still got thrown occasionally. THere are books that give some estimation, there are also programs that do the same thing, the problem is that you need to imput the right information i.e paint grade 160$ lf and oak 240$ etc.
Xactimate will place it in components but costs about 3K if I remember right.
You need a mentor, plain and simple until you get your feet wet and learn your way around a rehab.
This is the most difficult part of RE investing. It requires the most knowledge, cash, work, etc.
Read the book by Kevin Myers "Buy it, Fix it, Sell it & Profit"
Quote:Do you have a better way to learn estimating repairs?
Go through the house and write down, room by room exactly what it needs, item by item. Measure everything and figure out to the nail what you need in materials.
Then go find out how much each item costs exactly, then go find out how much time it will take to install each item. Add it up.
You said you are looking at bying a SLAB to rehab............do you mean a crawl space?
Slabs dont have have piers........they can have caisons for support when the soil is weak......but not piers.
NC
They do pier slabs to raise them, I just had one done.
I had 8 piers placed for 337.50 each for a total of $2700.00. Took the crew about 4 hours.
No One has a crystal ball. The have to drive piers to refusal which means until they hit something hard. Depth and number of piers also depends on local Geology/Topography. If you can find even two contractors in your area who are familiar with that ground use their numbers.
Not an easy area to jump into enexperienced. Pad your deal HEAVILY.
Get more estimates and see what the contractors suggest...
I have never seen a piered pad. I have been doing this a long time and worked on many many slab houses. So this is something new to me
[addsig]
Stockrpro,
This is new to me also.......I have done jobs in Ohio, Ky, In, Va and NC......and have never head of "piering a slab". (In regards to interior of the slab itself.......Im familar with Foundation piering and various systems)
We pressure grout slabs around here. I just finished an insurance job in which we lifted the slab 4 inches. My cost were less then 3k for an area of 12 x 30.
NC
Quote:
On 2005-05-05 21:15, Stockpro99 wrote:
Get more estimates and see what the contractors suggest...
I have never seen a piered pad. I have been doing this a long time and worked on many many slab houses. So this is something new to me
[ Edited by NC_Yank on Date 05/06/2005 ]