All Forum Posts by: Abdul Azeez

@ Matthew paul - how detailed are we talking about? I am just trying to ballpark an estimate so I can factor into my offer price.

@ Tim Kunz - although I partially agree my opinion is providing an estimate is just the cost of business for the contractor. As a buyer am I expected to compensate multiple contractors even before buying a home? I don't think that's fair.

@ Nathan Miller - you dont need to leave your rent in the account they pay the check into. transfer it to another account that only you know once you know they paid their rent.

@ Chris mason what do you do the next year? Do you take the 12th month payment from last year and multiply by 1.0025? Doesn't that keep increasing your payment every month?

What about the good old practice of providing a bank account number where tenant can deposit rent monthly?

I don't understand the rationale. Just as a real estate agent gets paid if the house gets sold so does a contractor if you hire them for the job. So it is in their best interest to provide an accurate bid. Why would the homeowner or buyer pay for an estimate?

@ Ethan Giller that makes perfect sense. Maybe I need to wait to implement this strategy and rather focus on regular sales at this time.

percy n thanks for the input. I will check our scotts book. I don't believe I can get 203k loan for non owner occupied properties. I could get a homestyle renovation loan and it takes about 60 days to close. However the online deal went sour because seller wanted 35 days close with $300 flat fee penalty and $100 per day for any day over 35 and I could not get a conventional mortgage with no plumbing from my current lender and rehab loan would take 60 or so days to close. I have lined up another lender quicken loans who will lend will plumbing being off but it was too late to get it done on the deal that went sour.

Thank you. A couple of follow up questions.

1. Where can I learn to estimate rehab costs?

2. For properties on some auction sites no utilities are on and copper pipes in basement seem vandalized. Given that HVAC, electric, plumbing etc are major items how would I go about estimating these without first of all utiliIes not being on?

Also on same topic is there a similar turnkey outfit in NJ?