Posts Tagged 'rehab costs'

Check Out Our Latest Rental Property – Another Buy, Fix, and Rent

Posted on: June 23, 2010

Categories: Buy, Fix

Author: buyfixandprofit

Check Out Our Latest Rental Property – Another Buy, Fix, and Rent

Nothing Fancy – Just Another REO Purchase

This home was a standard REO home listed for $55,000.  We originally offered $35K and came to a final compromise of $38K with the bank.  Once again, our offer was accepted over other higher offers solely on the basis that ours was a non-contingent cash offer.

This is the 10th property added to our rental portfolio all of which are in the same neighborhood.  This property was purchased with all cash in order to keep things simple and provide leverage for our offer.  Based on the 50% LTV after repairs on this property and the large equity positions in our other properties, our commercial lender allowed us to cash-out 100% of the purchase price and and provided us 100% of the repair funds for our latest project.  So at the end of the… Read the rest

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Estimating Construction Cost – Actual Repair Budget Attached

Posted on: September 15, 2009

Categories: Fix, Real Cases

Author: buyfixandprofit

Real Construction Budget Estimate

The numbers listed below are actual repair costs for a standard bank owned single family home. My partners and I have rehabbed over 50 homes together and we have never been able to achieve the cheap rehab costs as shown on Flip This House and other quick flip home shows. I do know that our costs are in line or less expensive than what other investors pay in our area.

Duration of Rehab = 25 days

Rented within 1.5 months

Cash Flow is $220 / per month with no money out of pocket

Real Rehab Repair Budget – 1,100 sq feet, 3bd, 1bath house

DRAW 1

Demo Garage
Demo garage & dispose debris
$2,500

Roof
Overall good condition, some repairs needed
$500

Gutters
New gutters
$1,000

Soffit & facia repairs
Repairs
$500

Foundation/concrete
Outside,side walkway,

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