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BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated 3 months ago on . Most recent reply

User Stats

17
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Chris Kay
  • Rental Property Investor
  • Marquette County, MI
6
Votes |
17
Posts

How Far Does $50k Go for Rehab?

Chris Kay
  • Rental Property Investor
  • Marquette County, MI
Posted

Looking to get into the BRRRR game and trying to estimate how much renovations will cost for an average distressed 2-3 bedroom home roughly 1200 square feet or less. I still need to link up with a contractor and talk this out, but I'm wondering if anyone had examples where they put around $50k into a home and what the results were.

I keep hearing that costs of labor and supplies are rising (when aren't they?) so I'm wondering if around $50k is reasonable to get a smaller single family home up to speed where it looks something like what you'd see on HGTV.   

I understand that starting condition and location will play a factor here, but just wondering what your experience has been. I'm in Michigan if that matters for specifics. 

Edit: I don't plan on doing any of the work myself aside from the most basic of things. I'd rather stay out of the way and let professionals do their thing.  

  • Chris Kay
  • Most Popular Reply

    User Stats

    1,004
    Posts
    1,010
    Votes
    Gregory Schwartz
    • Rental Property Investor
    • College Station, TX
    1,010
    Votes |
    1,004
    Posts
    Gregory Schwartz
    • Rental Property Investor
    • College Station, TX
    Replied

    This is not the way to analyze a deal. Dont fall into the $/sf trap or start thinking "$50k SHOULD be able to update a small house". Take the time to break down what needs to be repaired and what upgrades you will be doing. Rough numbers are ok but at least list it out. 

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    Schwartz Realty Group
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