checklist ? for my 1st possible purchase - Posted by Davidtx

Real Estate Investing
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Posted by Scott (FL) on April 25, 2006 at 18:07:59:

I haven’t searched the archives, maybe someone typed out a list…

The first and foremost is you must have an idea what repairs cost in YOUR area. Since I can get a 2.5 ton heat pump system installed for 1800, does not mean you can also. You can go to Lowes and price out the kitchen cabinets they have pre-assembled, add some extra money along with labor to get close. Call some carpet people and ask what their square yard price for carpet installed. Call some painters and get a ball park of what a 1500 SF would cost to have it painted inside and out, then add or subtract money for larger or smaller homes. They will tell you they need to see the project but some may give you an estimate by SF. I have one sheet of paper that lists most of the common stuff with prices. There is room to add additional notes about the property along with additional repair items. If you have done some homework on the property before meeting with the seller, fill out your repair sheet onsite, and make an offer. Feel free to show them your numbers, (based on contractors doing the work, because as a professional, thats the way you get it done), when everything is penciled down, it makes more sense to both parties…

HTH,
Scott

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checklist ? for my 1st possible purchase - Posted by Davidtx

Posted by Davidtx on April 25, 2006 at 15:56:13:

what do you take with you when looking at a possible purchase. any comments would be appreciated.

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Re: checklist ? for my 1st possible purchase - Posted by Natalie-VA

Posted by Natalie-VA on April 26, 2006 at 08:19:03:

David,

I make a list of what I consider to be the major items: roof, siding, windows, kitchen, baths and HVAC. One poster on this board said to figure in around 3k to 5k for each of those items. This is just to give you a ball park. You’ll have to add items to this based on the age of the house (like maybe an electrical upgrade, etc. In addition to those major items you’ll need the square footage to figure out paint, carpet, etc. Then comes all the minor items that really add up. That would be doors, light fixtures, plumbing, etc. Once you get experience, you can basically walk through a house and easily get a feel of how much the rehab will cost. I know it doesn’t sound real scientific, but once I figure out which of those 6 major items it will need, I can guestimate the rest based on square footage.

–Natalie