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Updated about 6 years ago,
First Flip Help Asbestos Tile!
So I got my hard money approved and I have been looking every day for a deal and have finally possibly landed on one. So opinions would be greatly appreaciated. The house is from a wholesaler He wants 134k and the comps are from 180K low end not rehabbed to 220k Fully rehabbed. I have bought and read the book estimating rehab costs by J. Scott but it doesn't go into everything. I figured by using the rehab cost analyzer with using very very high estimates that the rehab would be somewhere around 47000$ So I'm going to make an offer of 110K and go as high as 115K and bail if that's not good for him. So my rambling ends and my questions are would it be realistic to do a complete rehab on a house for around 35K? The bones in the house are in good condition its 1200sq ft not a lot of demo as the kitchen has already been gutted. This is in a lower end neighboorhood so I would be using pretty basic materials and not doing anything special. But the house needs a kitchen a half bath the full bath has already been remodeled. Carpet throughout minus kitchen would go ceramic. Needs a new roof, central air, windows, I can provide a video through message of the entire house. But my biggest concern is there is asbestos tile throughout the whole house and I know that is$$$$$$$ to remove so as my first deal I don't want to get into something over my head but if things go right after hard money costs and everything could be looking at a 27k profit which will give me to start funding more deals. Please help!
Needs:
Cabinets/countertops
All appliances in kitchen
Tile in kitchen
Wiring brought up to code
Fans/fixtures in every room
Asbestos tile removal
Carpet in rooms laminate in living room hallways
Central air (furnace brand new)
Paint/Baseboard replacement
Minor Sheetrock work
New roof soffits/gutters
outlets replaced
pannel rewiring (the house was built in the early 60's)
windows
bedroom doors
paint
wood panel remove in two bedrooms with no sheetrock behind it
small not load bearing wall demo
I know This is asking for a lot but I really don't know and I know numbers make or break a deal. I just want to know if its possible to do all of this for 35k or under without having a relationship with any contractors I can do some of the work my self but I know the asbestos tile is what's going to kill my budget. Sorry for the long post