Posted by Nate(DC) on November 16, 2003 at 11:29:52:
Oh, I agree with you 100%, I was just having a little fun late at night…
And actually, I think the same could be said for cars, in many cases…
NT
WARNING ON REHABS - Posted by TH
Posted by TH on November 15, 2003 at 16:41:19:
It cost more than you think!!! Bought my first one in September and still, I must say, got a fairly good deal, however remember, it soon adds up! Electrical, plumbing, carpet, paint, appliances. This is with me doing most of the work, except for carpet, plumbing and electrical. It all adds up and erodes your bottom line. Becareful out there!
T
WARNING ON CARS - Posted by Nate(DC)
Posted by Nate(DC) on November 15, 2003 at 23:55:20:
Hey, I bought this car recently, and now I have to pour all sorts of money into it. First of all I have to buy gas at $2 a gallon if I want to go anywhere. Then of course I have to add oil and now it’s stopped working and I had to buy all these expensive parts. And that’s with me doing the work myself! Be careful out there if anyone tries to sell you one of these danged “cars”, they are dangerous!!
(For the humor impaired: this is tongue in cheek. My point is, I’ve never had a rehab NOT go over budget.)
NT
Re: WARNING ON REHABS - Posted by James Strange
Posted by James Strange on November 15, 2003 at 21:51:42:
This is why it makes me laugh when some newbie birddog tells me rehab cost. The last one that I went to look at the birddog told it needs $12,000 in rehab. I went and looked in the window and saw at least $30,000.
I am far from an expert but most people have no idea what it really cost.
Re: WARNING ON REHABS - Posted by jasonrei
Posted by jasonrei on November 15, 2003 at 19:49:42:
Good advice!
In addition, I’d say that you shouldn’t do a mediocre rehab. Do the barebones minimum (making it livable), or do a quality job. Quality isn’t much more expensive than mediocre, but quality sells much faster.
Re: WARNING ON REHABS - Posted by phil fernandez
Posted by phil fernandez on November 15, 2003 at 16:50:18:
Your statement shows that you have not mastered the costs of a rehab yet. You also probably did not do your due diligence on the scope of the rehab before you bought. Don’t feel bad. I did the same things this past summer. I got lazy and busy, made too many assumptions and didn’t bring in my contractor. And although I’m not a fulltime rehabber, I should have known.
Guys that rehab fulltime, Hal Roark comes to mind can fine tune their rehab costs down to the dollar.
Warning on wives, too! - Posted by DaveD (WI)
Posted by DaveD (WI) on November 17, 2003 at 08:14:26:
Got one many years ago. Still pouring all sorts of money into her. And that’s with me doing all the work myself. Sheeesh! She still likes me, though.
Re: WARNING ON CARS - Posted by JohnP SFL
Posted by JohnP SFL on November 16, 2003 at 20:02:10:
Nate, I second that.
Re: WARNING ON CARS - Posted by TH
Posted by TH on November 16, 2003 at 11:07:07:
OK, OK, I deserve that, but it does tend to open your eye’s just a tad when you do one of these things. I was just trying to make a statement so someone as new as me could do a little more DD before they add up their profits.
TH
Re: Warning on wives, too! - Posted by Nate(DC)
Posted by Nate(DC) on November 17, 2003 at 14:50:30:
Dave,
You’d better be doing all the work yourself!
Best,
NT