Rehab Cost and Risks

[Elahe Ahmadi]

Hi

I need help from people who have done rehab before in my first project!! 

-How risky (financially) is to get hard money for purcahse the property?

-how long in averahe the rehab would take for 2300 sf house?

- how many percent of the property's price I have to put down to be able to get the hard money?

-where can I find a local reliable contractor to show him the pictures or property to get a estimation on the cost? 

I saw the inside of the property and it definitely needs a lot of work. Scope of work gonna be the whole kitchen, entire floors and walls for 4 bedrooms and living room plus 3 bath would completely redone but the current plan's layout looks ok and roof and exterior looks ok. I noticed some part of the bathroom's floor has broken also shower pipes leak. The property priced fair, but I need to run more accurate numbers to know how much would be the top price I  should bid on. 

Please share your experience wih me! 

Thank you all! 

[Manolo D.]

@David Soest 21% is crazy money, not hard. Signature loan is a lot of risk to a lender, but then again, if you can get a 20k character loan which is most likely dependent on credit score and/or assets, then it has no collateral. It's called hard money because your rate is 12%/year when you can get it at 3%. She should be scared, she is attempting to get a hard money loan in LA, which is 150-200/day in interest. 1000/mo is nothing in LA.

@Elahe Ahmadi From all that picture on a 2300 sf house, it needs a gut out to the studs. You are looking at 150-170k. Good luck.