My offer accepted-doing my 1st rehab! any input apreciated

I would recommend looking at some homes that are for sale that other rehabbers are selling in your price range. That way you can get an idea of what your competition is doing, so yours is as nice or nicer. Your agent can find these for you. Have them look for listings with remarks that state, Newly remodeled, or upgraded, Brand new kitchen, bath, paint...,things like that. This way you can see whether they are adding granite countertops, tile or vinyl floors...

I have always put full kitchen appliances in mine, including fridge, range, dish washer, microwave. If I have the budget, I will even add a washer and dryer. In low end housing, your buyers are most likely first time home buyers and probably don't have any of these appliances, or the ability to buy them right away. It may cost a little more, but it could help you sell your house a lot faster, saving you carrying costs and if you are using hard money, that adds up very quickly.

I want to make sure my houses are a cut above the competition. That way, my houses sell faster and you also get a good reputation in the real estate sales community. The agents know that if they show their clients one of your houses their buyer will more likely buy it. That saves them time and makes them money which in turn makes them an ally. Your reputation is very, very important.

I have seen many rehabbed properties that have very half-assed work done on them. So don't be afraid to make yours a little nicer. Basically do the job right and make sure all your work will pass city/county code requirements and FHA appraisal inspections (over 85% of the financing on residential purchases is FHA and they have very specific guidelines for property condition).
You don't have to go top shelf on the low end houses, but don't go total cheap either.

When you go to resell it, find out the lowest priced, rehabbed house and go just a tad below on your price. If you have done a good job, your house will sell quicker and you can get on to the next.

I think it's great that you have taken the steps. May you have a long and prosperous career.

Jim

Math looks great .
Rehab is fun do not fall in love with this house as someone wants it to be there( home )
Dean is persistante at saying this as well use off white for walls ,white trim .
3 main rooms kit bath master .
outside last .
Chop everything out that is a plant or shrub or tree .
Roadside is very important as well as your photo s later .
Kenneth
In Canada ive built a couple homes and refitted a few myself .

Dear Rehabber,
I am a general contractor and real estate broker and have been rehabbing and building new homes for speculation for over 40 years. My advice for those remodeling or constructing new homes is “don’t over build the neighbor”. It is important to analyze the neighborhood and not be the most expensive house for sale; in fact, it is better to be the least expensive for a quick sale, so you can’t afford to spend too much money building or rehabbing. That being said, it is also important to produce an equivalent quality to other homes in the neighborhood and the key to making a profit is buying the property, whether an older home or a vacant lot for the right price. That is what you are being taught in Dean’s course and is a key principle.
When I was a teenager, my father and I bought a home to rehab and resale. It cost about 75K and sold for 150K. It was in a nice neighborhood and we fixed it up to look better than any house on the street. We reroofed it with wood singles, added a brick wainscoat to the exterior with stained criss-cross planks for an old world English Tudor look. We updated the kitchen with new cabinets and countertops, replaced the carpet and retiles. Then we repainted the entire house and replanted the yard. The house looked great and we did all the labor ourselves because my dad was a contractor and I was a carpenter. Needless to say, we spent a great deal of time and money to make the house look the way it did. It sold rapidly, but not for a great deal higher than what the most expensive homes in the neighborhood sold for, because they established market value. We bought is for a very reasonable price so we made a profit of 25K, but I think we could have spent 10-15k less and still sold it for the price we did.
For example, later in my career, I bought a small house in foreclosure in a very exclusive area with a great lot for 600K. It was worth 900K. I tore the house down and built an 11,000 sf estate home with beautiful landscaping, waterfall, pond, pool, etc. I was careful to give the home the look that people in that neighbor desire without buying the most expensive products. I had a painter make wood columns look like marble and used finishes that looked expensive but were reasonable. I used top brand name on appliances because the kitchen is so important, but did not over spend on plumbing fixtures and hardware. I spent 2.7 million altogether on the home, but sold it for 4.1 million for a nice profit because I did not over spend the neighborhood. Know your market, buy right and don’t overspend on rehab.

thank you so much for all your help. I looked at other homes that are for sale right now in the neighborhood and that gives me an idea. I'll just buy some decent appliances from craigslist and put them in.

You can also buy decent inexpensive appliances at a scratch and dent place. you have apliancemart there or something similar. They would have semi use products for cheap. They would be fom modle homes or something that were never really used mostly there for looks to sell the modle homes. I have had 2 over the last 20 years i have lived in my condo. Great deals and less then half the price.

In Canada we have liquidation stores ,scrath and dent .Used appliances .

Trading post on local radio stations .

Auction s estate listings are usualy in the local news paper here in Canada .

Before a estate can be closed it s listed .

Hi Artem - great to hear about the accepted offer! Any update on how this project is coming along?

- Tom