Where to get a good appraisal on total rehab - Posted by Mike M. (OH)

Real Estate Investing
1

Posted by Richard on December 08, 1998 at 22:44:25:

Regarding FMV when finished; check public records
for ALL sold props that are similar. Determine
price per sq. ft. paid, average at least 20/30
and that will be very close (or less, never more)
to what your fixed up prop will sell for.
Good luck

2

Where to get a good appraisal on total rehab - Posted by Mike M. (OH)

Posted by Mike M. (OH) on December 08, 1998 at 15:04:58:

I have a home that I am going back and forth making offers to a seller. It is 1700 sq ft, 4 bdrm, 2 ba, laundry, small partial basement, 8 rooms total. There are no houses in this area (even 2bdrms) listing for under $75k.

The house is totally gutted, needs elect, hvac, plumbing, possibly some roofing, etc etc. It is basically a shell. I offered $18k, he countered with $27k. It was listed at $44k and later lowered to $32.5k.

I’m trying to figure out the profit on the house by trying to figure out total costs to get this house fixed up. I’ve heard quick ROUGH estimates about $30/sqft for a ballpark figure. Where is the best place to go to get this estimated? I need a quick and dirty estimate (general contractor maybe?) so I can possibly get this contract signed and move forward. The owner is in Germany in the military (can you say MOTIVATED?). He won’t carry any financing.

Any ideas?

Thanks,
Mike M.
Cincinnati, OH

3

Re: Where to get a good appraisal on total rehab - Posted by Jerry Greer

Posted by Jerry Greer on December 08, 1998 at 17:05:17:

Mike, First place to look is the Marshall and Swift estimating guide. If you e-mail me I will send you there number. I am in Middletown and I am a contractor as well. What is the plan for this property? If you are thinking of flipping it I might be interested.
Please feel free to call me at 602-6150. Or 513-425-9826.
Anyway, If there is anything I can do to help you, I would be more than happy to help out.
Jerry Greer.

4

Re: Where to get a good appraisal on total rehab - Posted by Richard

Posted by Richard on December 08, 1998 at 22:46:54:

Regarding FMV when finished; check public records
for ALL sold props that are similar. Determine
price per sq. ft. paid, average at least 20/30
and that will be very close (or less, never more)
to what your fixed up prop will sell for.
By the way, there are lots of sellers that said
they ‘would not carry’ but did to get it sold.
Good luck