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Updated over 1 year ago on . Most recent reply

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20
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5
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Scheherazarde Roddie
5
Votes |
20
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Help Estimate Rehab/Deal Analysis

Scheherazarde Roddie
Posted

Hi, 

How do I give an estimate to a seller if I can't get a contractor out within a certain timeframe and I don't have the exact measurements for certain things? 

Current issues: 

- potential roof penetration

-plumbing do to leaks 

-cabinets (there was a leak under the sink and 3 drawers aren't working, do I price for a new set of cabinets?)

-HVAC generating air but the refrigerate lines aren't insulated and the temperature took 45 mins to drop inside

- 2 dead outlets and 2 outside won't take a reset

-need a hot water tank and the floor leveled where the hot water tank is (utility closet)

- two new decks due to mold spread

I plan to make a few calls this morning to contractors but trying to determine what other steps I could be taking to give to seller. They are willing to credit, but I'm thinking about the things I may discover during rehab after the deal is closed on. 

Thanks.

  • Scheherazarde Roddie
  • Most Popular Reply

    User Stats

    129
    Posts
    107
    Votes
    Trevor Schmitt
    • Rental Property Investor
    • Fargo, ND
    107
    Votes |
    129
    Posts
    Trevor Schmitt
    • Rental Property Investor
    • Fargo, ND
    Replied

    Do you have the property under contract? Is the property contingent on inspection? 

    If that is the case, I would recommend extending the inspection contingency period to allow for ample time to get quotes from the contractors. These are not minor issues, and I would not "guesstimate" these rehab costs. This could be the difference in making or breaking your deal in the long run. 

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