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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Quick "fix" number Posted by Ward-CA- on August 03, 2003 at 7:24 AM In Reply to: quick numbers for SoCal posted by Dee on August 01, 2003 at 5:13 PM : I've heard others in the past use a figure in "dollars" times "square feet" what they know that they can either rehab or gut a house. what i'm looking for is just something that i can use to come up with a ballpark figure when standing in the house before doing a complete walk through with my contractor. Im working on a deal on a 2 story 1920s home thats still in the maybe stages and needs to be gutted due to water damage and age. =-=-=-=-=-=-=-= Dee, Because of the sheer number of foreclosure deals I have to look at, I too use a "quick number" to figure out a fix-up allotment. I figure what the FMV (fair market value) of the property will be after rehab. I then take 8% of that figure if the property is worth more than $250K or 10% of it if it's less than $250K. For example if I figure the present, fixed up FMV of a foreclosure is $375,000 then I will earmark 8% of 375,000 ($30K) for rehab cost. Follow Ups: Re: Quick "fix" number Dee 7:41 PM, 08/04/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I've heard others in the past use a figure in "dollars" times "square feet" what they know that they can either rehab or gut a house. what i'm looking for is just something that i can use to come up with a ballpark figure when standing in the house before doing a complete walk through with my contractor. Im working on a deal on a 2 story 1920s home thats still in the maybe stages and needs to be gutted due to water damage and age. : =-=-=-=-=-=-=-= : Dee, : Because of the sheer number of foreclosure deals I have to look at, I too use a "quick number" to figure out a fix-up allotment. : I figure what the FMV (fair market value) of the property will be after rehab. I then take 8% of that figure if the property is worth more than $250K or 10% of it if it's less than $250K. : For example if I figure the present, fixed up FMV of a foreclosure is $375,000 then I will earmark 8% of 375,000 ($30K) for rehab cost. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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