All Forum Posts by: Account Closed

Although far from my area of expertise - once the property has been rehabbed, I presume the taxes will increase significantly from its current $2,600/year?

As previously mentioned, should you proceed with the rehab, make sure it's with a contractor who is seasoned with this scale and type of work, and with the resources to perform it.  Regarding those bids of $325K for the rehab, were they provided from the cuff, or in response to a formal narrative Request for Proposal (RFP) outlining the project expectations and requirements?  Additionally, did their bids include the architectural, engineering, and other professional fees, along with all of the permitting fees required?  These can add up to a pretty penny.

Finally, if you decide to move forward on your own, I strongly encourage you to have a construction consultant on your side of the table to represent and assist you with the A&E and GC selection process and through construction.  Relationships go a long way in moving things along, so one who is local and well regarded will be worth their weight in gold.

Good luck with whichever way you choose to go!

 Well said!

Good to know - just this morning I was just mulling over plans I have on building a new construction tri or quad, and the duplicity of these very things is what impacts the cost exponentially along with bathrooms.  I'll have to dig into this more.  Thanks for the post and the replies all!

You're thinking may be right, but don't make the decision for them by not asking...

Welcome @Erik Wulf - it's always good to have contractors on the site - your knowledge and experience may prove valuable to many!

Given the time of year and that the big box stores, and patio/pool shops are likely clearing out their outdoor furniture - perhaps you could strike a deal with one of them?

Or try posting on craigslist - who knows, someone might be willing to make a quick buck?

If all else fails, take your photographs then go to a freelance or crowd sourcing site online and find a graphics professional to "PhotoShop" 'em! 

@Loukas Stoumbos - if you haven't already, you might want to start here: http://water.epa.gov/ and then consult with the local health department and professional well drillers/pump installers.

As @Robert M. alluded to, the source of the arsenic problem may be induced rather than organic, thus addressing the source, may correct it without filtration.

As for the bacteria... again, as Robert asked, what are the bacteria levels and type?  Is the septic tank/field in good shape... could the affluent be leaching into the water supply? Things you'll need to know before considering the options available to resolve the problem.

Good luck!

Sounds like you've already received the domestic advice about who wins the argument and why!  That said, which is more important to you two... "feeling" like you made a profit or actually realizing one?

There are a lot of things to consider in the equation (but here are just a few):

Did the DIY work take longer than a contractor may have taken... were you working evenings and weekends and it took weeks or months to complete, versus a contractor who many have taken only days?  Don't just count the actual time doing a task, but include the hours and expenses (fuel, etc.) in getting the materials (if you picked them up yourself) and more importantly, the overall timeline (from first touch to last) that the DIY tasks took (e.g., you might be installing flooring in one room, while your wife is painting in another, but neither of you could then be working on the landscaping at that time, whereas contractors should be working on these things simultaneously).   If it took longer for you to do them, what were the increased carrying costs and was there a cost in the delay in getting the property on the market?

Is your 1:1 ratio of materials to labor accurate for the work completed? 

How does the quality of the DIY work compare to that which paying a contractor $8K to have done it (perhaps the value of the DIY is greater than what $8K could have bought)? 

What is the cost of lost opportunity in relation to your skill-sets?  Might your time net greater returns pursuing your next deal instead of DIYing it?

All that said, if you passed-up watching House of Cards, then it's a slam dunk, you win!

 The best investment you'll ever make!!

Might want to exhaust (or rather attempt to as it's not likely one could) the information available on this site and the plethora of books available first.  $7K can go a long way toward the acquisition of a property.