Check out my First Prospect! Guess the Repair Costs!

[Manuel A.]

Alrighty my fellow BiggerPocketians, here are the crazy pictures of my first prospect. But before we begin, you may have noticed I uploaded a picture of my actual self... So yeah... that's me, nice to meet you all haha :)

I have my own comfortable estimate of $25,000 for all the repairs. If you guys/gals would like to give your own opinion on the rehab costs, I'd be quite thankful. Don't worry about the materials like granite or tile, just give me an estimate of what it'd cost for YOU to fix it up with YOUR materials.

Let me give you a few details.

1. The heating system is missing/stolen.
2. The wiring is almost all intact.
3. Garage door opener is there. The garage door isn't...
4. The AC is still there.
5. The roof is fine.
6. This house is 5bed/2.5bath two story, 2,650sqft.
7. Similar houses in the neighborhood sold for around $200k

That's all the "extra" info I think you need. Otherwise, here are the crazy pictures, give me your best guess!

https://picasaweb.google.com/100045088872167848181/PicturesBefore?authuser=0&authkey=Gv1sRgCJzUqNu07NDK3AE&feat=directlink

By the way, for everyone who's said I should get a Realtor, I have. Awhile ago... He has 24 years experience and is investor friendly. Thanks for the advice though.

Thanks!

[Donna Smolinski]

LOL... see it wasn't meant to be. Now go find something a little less challenging, :)

[Manuel A.]

Donna Smolinski Thanks for your kind words, and wisdom. I do have a very experienced family member that fixes houses for a living. He makes a good living (well to me) off it and is willing to help me cheaply. In fact, he actually built (along with other family members) the addition to my mothers house which includes plumbing, electrical, roofing, and all that for 2 beds, a bathroom, and a laundry room. He did the permits (I live in a "historical" area) and all that. Plus, he only charged my mom beer, food, and $200 for all of it in terms of labor. He's fairly generous (which is why he spends his money like it's nothing) and I have multiple family members like this in terms of fixing houses and generosity.

He is great at estimations, and along with help from the BP community and Will Barnard, I feel safe.

I do want to say I'm not discouraged in any way :D. I have absolute confidence in myself on doing this successfully. I've done so much learning and theory that I'm positive I can apply this exceptionally. Plus I got the offer mechanics down as well. Then throw in the wisdom of my mentor on my side and the team he helped my build, I feel like I can't be stopped :D Thanks for your concerns though!

I'm going to definitely check into that permit situation you had though.

Manuel

[Manuel A.]

Originally posted by Donna Smolinski:

LOL... see it wasn't meant to be. Now go find something a little less challenging, :)

Yeah I know hahaha. That was a let down hahaha.

[Donna Smolinski]

Hey Manuel.... glad to hear there's alot of experience in the family. Makes me feel a better :). Now go find that first house & best of luck to you!

[Charles Morgan]

Wow! That would have been a job. I just bought a two story in El Paso that needed a LOT less work and it's taken me almost two months to do just a gas line and electrical! Close to $3,000 for Gas line and electrical. At 2800sq/ft it's going to be another $12,000 just for the roof, altough I'm considering Solar PV, that would be $27,000 after rebates from the electric company.

[Andrei Esca]

If there's no foundation issue, my guess would be $50k.