Estimates

As the PM I sent you, this is the info. If you can let me know what it roughly costs to sand and refinish these floors. All 3 bedrooms have the floors, and they aren't ruined but worn and dirty looking. Do they have to be sanded? I do have pictures of the house and inside but for some reason they won't download on the computer. The kitchen cabinets are Birch but stained in walnut, and also look worn around the handles.
The sizes of the bedrooms are. 12x11, 13x10 and 10x9.
Thanks
Sandi

Hi Sandi

Are you trying to wholesale, or retail. If you are wholesaling I would just clean it up and sell it.

As for the bed rooms I usually put carpet in, should be able to do all three for about $800. Keep it neutral and inexpensive, it's new and looks good to the buyers, but a lot of times they decide to change the color, so I stay with the lower end. And you can always tell them that the house has hardwoods threw out.With sanding if you don't get all the stains out they still look old.

You know the kitchens and bathrooms sell the house. I usually change them if the margin is there,if not clean them up. Greased lighten cleaner works very well.

You can do very well with cabinets off the shelf at Lowe's, you just need to find someone you can call on when you need them to install for you.Tell them if their price is fair you will give them all you work. It makes a difference I have people I've been doing all their work for years.

Hope this helps,respond back if you need more info.

Jim Kendrick

Hi
Wanted to assign this place, but only have until the 25th to get funding or assign. I am currently staying with a contractor, but he wants to redo the whole house, even change the entry. He builds beautiful homes, but refuses to accept just get it nice and get on to the next one. So I will not even discuss it with him anymore. He thinks I am crazy for wanting anything done in just a few weeks.
Carpeting sounds better, would make it look warm and attractive. The kitchen only has one wall with cabinets and the sink and stove on the same wall. Not much for cabinets, but think maybe I could find some on sale.
I really would rather assign it, as I doubt I could ever get funding. Home does have a ramp for the wheelchair, and the bathroom has a shower stall that a wheelchair can just roll into. We did find it would be short by several inches to put a tub on that wall. That may be the one problem, if someone wants a tub.
Thanks for the info, and I really appreciate. Must let the seller know tomorrow morning what I want to do. Really think it has a good return on it. Location is great! And very nice neighborhood.
I will let you know what happens.
What state are you in. Would like to find someone that likes rehabs in Wisconsin.
Sandi

Sandi

You got the wright ideal,turn it over. I rehab them in three to four weeks, that's including ripping out kitchens and bathrooms, the money is in volume,don't let anyone tell you different.

Sense RE market is done why not see if seller would go for a deferred closing, or balloon in a few months. Then I would advertise that the property is handicap accessible with the growing seniors out there they are picking up traction.

I live in Rochester, New York by the way.

How does the defferred closing work? I have till the 25th to assign or get funding. I know he has to pay off his brother of $25,000 asap! They don't get along. This brother is fed up with the whole house and dealing with it, and they do want it gone. I have a closing date for the 30th, but do have an exit clause.
Thanks for all the help tonight!
Sandi

Sounds like a pretty good assignment or a flip. And I think by what you said I would estimate about 10-15k to rehab it. Don't let any contractor talk you into anything! He is looking for work. You should get estimates from a few contractors. This iwll help you learn.
When estimating for an assignment go a little high. What do you have to tell the seller tomorrow? you have it under contract until the 25th, right? Keep Marketing it. Put it on craigs list. run your numbers; 66k, 10k rehab so approx 76-80k invested. One could potentially make 10-20k on this deal
When looking at your comps, your comps are the FMV that is what someone would pay for it today. that mean your FMV is 105-118k.
Another thing to consider is what is will your end buyer do doing with the house? Use it as a rental? Flipping it? That will help you know how big of a spead they will need.
I hope this helps.

Thanks, nice to hear from you.
I do not have an end buyer yet, was afraid to advertise it before offer was accepted. But did put on craigslist in Milwaukee and Kenosha-Racine lists today, hoping I can find an investor. I listed it for an investor at $67,500 without my repairs, and advertised it for one day at $81k and did get a couple calls, but nothing more.
We had counter offerred each other, he had come back with $66k they originally had it listed for 90k. Have to let him know tomorrow if I will take the $66k offer. I then have 10 days to assign or fund it, that is the contingency. Had set up to close then by the 30th, he must get the rest of parents stuff out.
The contractor does not need this job and may be too far for him. I asked him to go back with me for estimates, as I don't know any others in that area. He finally went. But he does "excellent" work. When he would do work for me at my farm, and that was all free, I would get upset asking just for simple things, he built really nice box stalls for my horses, and fixed all the doors, put in windows in the barn, and that was a place I rented. My landlord loved it, and has given him jobs on her properties.
He just wants to do this perfection and I just want it done, with a good job, but he adds a lot of extra "good things' and I dont' want to take that long. So the price was good from him. I know he would do it for me, and would even give me some deals!! Also the contractor is a good friend of mine, and I moved in by him in January, sold my furniture, and he is helping me so I can get my business going, and hopefully move to Colorado/Wyoming area soon. When I lost my job for a year when the horse threw me, he was there helping with the horses, and even helped me out financially, he has been a dear friend!
Thanks for the help Donna!
Sandi