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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Questions to you Rehab Pros. Posted by Mike on March 30, 2004 at 11:13 AM In Reply to: Questions to you Rehab Pros. posted by whyK on March 25, 2004 at 6:01 PM Hello, Rehabs can be a lot of fun as I really like transforming a junky house into something nice. I tend to do a lot of work myself and get folks to do the big/hard stuff (roofs, etc) First and foremost, you need to have strong knowledge of what good, solid fixed up houses are worth in that neighborhood as well as what is typical profile of a likely buyer (i.e. income level, etc). This will dictate how much you need to do to get the property to be a strong seller. Typically, houses that have been ridden hard and put up wet are in need of bathrooms and kitchens. How much you spend can depend a lot of who are likely buyer is or will you just keep it as a rental. Through out the rest of the house, typically, patching holes in the walls, rippinig out home-built (junky) bookshelves, frsh paint and carpet and new light fixtures will do the trick. All of these things are not really that hard if you don't want to do them yourselves can be done by a good handyman who might be moonlighting for cash. Best source of contacts like that would be your real estate agent, friends, neighbors ,etc. Also, typically there is a lot of junk to removed from the yard. Just clean-up the yard can make a house look so much better and its so cheap to do. In my opinion, good rehabs candidates need to have a good location, good floorplan and solid foundation. (and good price, of course). Location can not be change d by rehab. Floorplan and foundation repair can take tons on money. Add a closet here or there is not bad, but moving walls or converting big closets into bathrooms can take a a good bit of effort/money. Lastly, you need to formulate and stick to a budget and project plan. You are wise to research and get knowledgeable on cost. There is no need to rush into your first project, spend the time to get yourself up to speed. People across the country are letting their house go to pot everyday and thus there is a continual supply of good projects. Regards, Mike : Hi. : I've read Ward's post saying that the his cosmetic repair estimate for the house over 250K is at 8%. Could someone define "cosmetic" here? : Door? Garage door? Windows? Appliances? Wall? Sink?... : Anyone knows any good article about repair estimate in general? : Any good book? : I was not planning on doing any major rehab work, but all of the sudden, something came up. The owner didn't do much for all most 30 year! Even I, who doesn't know much about rehab, could spot that it needs roof, garage door, door and windows from the curb. : I should probably get estimate from general contractors, but I also like to educate myself on this .. : Oh, and termite work $5/sqft make sense? : And how much does new roof cost? : Thanks. : -whyK Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Hello, : Rehabs can be a lot of fun as I really like transforming a junky house into something nice. I tend to do a lot of work myself and get folks to do the big/hard stuff (roofs, etc) : First and foremost, you need to have strong knowledge of what good, solid fixed up houses are worth in that neighborhood as well as what is typical profile of a likely buyer (i.e. income level, etc). This will dictate how much you need to do to get the property to be a strong seller. : Typically, houses that have been ridden hard and put up wet are in need of bathrooms and kitchens. How much you spend can depend a lot of who are likely buyer is or will you just keep it as a rental. Through out the rest of the house, typically, patching holes in the walls, rippinig out home-built (junky) bookshelves, frsh paint and carpet and new light fixtures will do the trick. All of these things are not really that hard if you don't want to do them yourselves can be done by a good handyman who might be moonlighting for cash. Best source of contacts like that would be your real estate agent, friends, neighbors ,etc. Also, typically there is a lot of junk to removed from the yard. Just clean-up the yard can make a house look so much better and its so cheap to do. : In my opinion, good rehabs candidates need to have a good location, good floorplan and solid foundation. (and good price, of course). Location can not be change : d by rehab. Floorplan and foundation repair can take tons on money. Add a closet here or there is not bad, but moving walls or converting big closets into bathrooms can take a a good bit of effort/money. : Lastly, you need to formulate and stick to a budget and project plan. You are wise to research and get knowledgeable on cost. There is no need to rush into your first project, spend the time to get yourself up to speed. People across the country are letting their house go to pot everyday and thus there is a continual supply of good projects. : Regards, : Mike : : : Hi. : : I've read Ward's post saying that the his cosmetic repair estimate for the house over 250K is at 8%. Could someone define "cosmetic" here? : : Door? Garage door? Windows? Appliances? Wall? Sink?... : : Anyone knows any good article about repair estimate in general? : : Any good book? : : I was not planning on doing any major rehab work, but all of the sudden, something came up. The owner didn't do much for all most 30 year! Even I, who doesn't know much about rehab, could spot that it needs roof, garage door, door and windows from the curb. : : I should probably get estimate from general contractors, but I also like to educate myself on this .. : : Oh, and termite work $5/sqft make sense? : : And how much does new roof cost? : : Thanks. : : -whyK 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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