All Forum Posts by: Casey Walker

I have a three unit property under contract to purchase.  Just had the inspection and after estimating all the needed repairs i am getting cold feet.   

Current price 190,000

Repairs 40,000 to 60,000 depending how nice we make it and how much capx we do now vs down the road.  

After repair value is 300,000 and rents should be 3,000. Most properties work out to the 1% rule here.

Looking at the numbers we could make 50,000 still but that is only if nothing else goes wrong.  

Are these numbers too slim or am i just being a newbie baby?

Thanks

blinds.com  

I have used them on multiple projects and everyone is happy.  

I am a general contractor in PA and the normal here is free estimates.  

Just be honest, call some builders and tell them your trying to buy a property and want a price for the needed rehab.  For some builders that will be a turnoff but some builders will still be willing to help you out.    I would not expect you to pay the builder anything for an estimate.   But dont waste the builders time looking at house after house and never buying them or not giving him any of the work.  The builder probably has kids at home he could be spending time with.   

Most builders make $100 per hr so i would not tip him a 20 and think that will make him happy.  haha  

I operate a construction company and we remove walls all the time.  I am very impressed with all the suggestions above.  They are spot on.   

# 1 get permits and use an engineer to give you stamped drawings.  Save pictures of the permits, drawings and pictures of the new beam in place.  If possible get a picture of the inspector giving you a big thumbs up.  The beam you mentioned seams very big for a simple rancher.   The engineer will tell you how to transfer all the weight down to a footer.  

Thanks for all the ideas.  

Anita Hodzic im in gettysburg PA,  probably a little to fare for you to help with the cleaning.  haha

We have one short term rental and sometimes we end up cleaning it ourselves because its hard to get cleaners last minute.   

How do you handle scheduling the house cleanings when you dont know the check in and out schedule very fare in advance? 

We have multiple people willing to clean but they kinda want to know a week or two before.  

Thanks for your time!

Maybe look into mini split systems , they are a heating and cooling unit for each room and dont require any ductwork.

Read the book "never split the difference " by chris voss.  Its all about how to negotiate.  

Have your agent look over the report and ask them what parts the seller should fix .

Those are rafters not trusses.  Trusses have a top cord (board), bottom cord  (board) and internal webbing all attached with gusset plates.  Trusses look like a big triangle before they are installed on the house.  Rafters are just wood that the builders cut on sight, they involve a ridge beam (think back bone) and the individual rafters (think ribs).  

Totally agree with everyone, start with a structural engineer.   Then take the information he gives you to a builder and get a price.  I own a construction company and have done this multiple times, it is almost never worth the money spent for the added SQFT unless your in a great location.   Start to finished living space you could spend 150 per SQFT so 1000 SQFT would cost 150,000.    You could install a LVL ridge beam and new rafters on one side to add some SF but still not a cheap or easy job.   

I would start with J scotts book "bigger pockets estimating rehab cost".   

Maybe pass on this property and read J scotts book and then you will have some better numbers for the next one.  

As a builder i try to have very accurate allotments for every part of the rehab, whether its my property or a paying customers.