Watching 2nd disaster unfold - Posted by DaveD (WI)

Posted by Gene on March 16, 2006 at 20:47:31:

I wish I was such an optimist.

One thing I have leard from rehabbing…it costs 3x more and take 2x as long as you think it should.


Watching 2nd disaster unfold - Posted by DaveD (WI)

Posted by DaveD (WI) on March 16, 2006 at 09:23:27:

Looked in on a friends rehab. He bought it at auction from my banker. Hmmm. Why didn?t my banker tell me? Note to self: Get off my backside and start digging a little more.

Actually, I think he overpaid. Thinks he will get it done for 25K rehab costs. If he is right, he MIGHT net 25k after the dust settles. What do you think?

The previous owner went nuts, gutted his half-bath because the boogie man was going to come through the toilet to get him. Tore out part of the kitchen floor down to the joists because he wanted to see how it was put together. Tore out the cold air returns because he thought the furnace was gassing him. Jack-hammered the basement floor up and tore out the sewer lateral because he had sewer smells. Tore out the perimeter foundation drain tiles while he was at it, because, ugh ? who knows? Thought he was an electrician so the panel looks like Technicolor spaghetti. Then roofs, driveway, kitchen work, garage work, paint and floor coverings. I think my friend overpaid.

My banker got out with his skin intact. I doubt my friend will.

Re: Watching 2nd disaster unfold - Posted by Natalie-VA

Posted by Natalie-VA on March 17, 2006 at 08:26:56:

I flipped one recently that had holes in the walls, ceilings, floors, etc. The previous tenant had lost their Boa and was looking for him.


Re: Watching 2nd disaster unfold - Posted by ski

Posted by ski on March 16, 2006 at 19:05:11:

Let’s see. 1/2 bath to make new $500, kitchen floor 3/4 plywood is about $35/ sheet and flooring is about $1.00/ ft., sacrete is cheap, drain tiles, about $2.00 ea. new electrical service is $200.00 at home depot, new paint and landscaping with labor about 2 grand. Not too shabby and not real close to 25k.

Re: Watching 2nd disaster unfold - Posted by Joe

Posted by Joe on March 16, 2006 at 13:48:59:

That does sound like a lot for $25k.

Can I hire you for my next one? - Posted by DaveD (WI)

Posted by DaveD (WI) on March 16, 2006 at 20:54:03:

Like my friend, you must be working for free as well. 1/2 bath $500? Parts cost maybe, on a cheap setup. I see him working for a half year anyway on the deal. His last deal went nearly a year before it sold. Oops! I don’t think he figured his holding costs into this one either.

You need to see it to appreciate it. And I’ve done major rehabs, so I’m not scared easily. Yeah, I know concrete is cheap. And sheetrock. And shingles. And more sheetrock. And dumpsters. And carpets. $200 electric panel? Get real. Oh, more free labor. Got it. Electricians must not be $75.00 an hour where you live. Yeah, I’m pretty handy with electrics. But I’m not free, either.

For me, it would have been a tear down. Or, maybe I could have bought the note way cheap. I need to do a post-mortem with the lender. Maybe he will talk. Time to shmooze.