Quick Rehabs...
Hi to all investors.. I want to ask real investors that did rahabs before, what was the quickest time you ever completed a rehab? Someone once told me he did a rehab in two weeks..I want to hear stories from other invetors so please do share...
thanks...
My first residential deal was a house that I planned to occupy with my family. I got it out of probate, it was huge and in terrible cosmetic shape but the infastructure was sound, that is, the heat pump, plumbing, roof, etc
We spent three straight weeks, every day, painting, laying carpet, updating cabinets, changing light fixtures. Mainly cosmetic improvements, just me and the wife.
Moved in three weeks later.
Held the house for a year, took out 50K equity because of the improvements.
That really depends on the amount of work needed to get it ready. I use a months time as a rule of thumb.
2 weeks is the target unless just an ungodly amount of work
I have done many in two weeks; actually my small crew will do it in two weeks. This is just paint,carpet, some windows, fixtures, minor plumbing, whatever is needed. Know this; cranking them out is the key to making money. It pays to pay someone. At times, I have done work myself (handyman went on a bender) or to "save" money. Forget it! If I did a rehab myself part time, it would take me six months to a year! Before my banker said "Put the paint roller down!!!, hire it done!!", rehabs took way to long. I am ashamed to say that I had one house two years before I finished it; it sat vacant all that time. Time passes by quickly when you are busy with other things.
I am really surprised you did that deal. $190 cash flow? I cant imagine that being worth all that time and effort.
Sure $190 cashflow is easy to mock, but it was his first deal and he has a POSITIVE cashflow. Plus the more you do, the more you learn.
Congratulations on your first rehab.
Quote:
On 2005-02-09 00:46, gmoney69 wrote:
Sure $190 cashflow is easy to mock, but it was his first deal and he has a POSITIVE cashflow. Plus the more you do, the more you learn.
Congratulations on your first rehab.
Absolutely right!!
No cash out of pocket, $190/month, two weeks turnaround, valuable experience, along with $17,000 equity, all on first rehab.
Looks like a GREAT job to me.