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Updated about 9 years ago,

Account Closed
  • Real Estate Agent
  • Richardson, TX
161
Votes |
511
Posts

Order of Rehab- First flip, need help

Account Closed
  • Real Estate Agent
  • Richardson, TX
Posted

Hi everyone, 

I just closed on my first investment property this past Monday. I'm strongly considering managing the project myself. I received a very high bid from my contractor and that's why I'm debating running the project myself. What do you suggest is the best order of a rehab project? I want to avoid making mistakes and spending more than I should. 

The current contractor is charging me 10K for a new roof (it's a 1,500 SQ FT house), 4.00/ SQ FT for carpet and 4.50 sq/ft for laminate. He's also charging me 3/sq ft for paint, and 22/hr for demo. He's also including two dumpsters at 500.00 a piece. 

This is a brief summary of what the property needs:

Exterior:


  • remove old roof and replace with new one (Shingles/asphalt)
  • Some serious landscaping (Removing plants, trimming tree branches etc)
  • Partial Painting (Brick/Aluminium siding)
  • New garage door

Interior:

  • Install drywall in the lower level of the house (it's a split level house)
  • Painting
  • Demo wall between kitchen and living room to make it an open layout
  • Remodel 2 bathrooms (Tiling, new countertops etc)
  • Panting kitchen cabintes and install hardware, new appliances, tile, and new countertops.
  • Installing carpet on the family room and basement
  • Replace closet/bedroom doors and trim
  • Replacing and installing outlets/switches 
  • New water heater 
  • Install laminate 

    The total project costs came at 67K (including an 11 % fee or 6,700 the contractor is charging me for running the project). If I were to save only 6,700 , then I would really consider hiring the contractor. But I really think he is overcharging me for labor. Any help would be greatly appreciated. 

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