All Forum Posts by: Chris Karley

You can start by going out to a big box website and add all the materials to your cart. That will give you the materials cost which can be highly variable on kitchens and bathrooms. From there, you can go to a website like fixr.com to get labor costs. This will at least give you a starting point for when you start getting bids. Researching all the materials needed also helps understand the general right way that each section of the home goes together, helping you to identify if a contractor cuts big corners.

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You can try looking the property up at your county's Auditor Website. A lot of information on the home is public information. From there you can get a ballpark idea of what you may be willing to pay for the property by looking at comparable sales.

As far as negotiating goes, I always make sure I have an out (i.e. "I have to do some research and consult with my wife") and never give numbers, even ballparks, unless you are certain that is what you are willing to pay. Also, be sure to emphasize the benefit of selling to you. Some benefits that come to mind...she wont have to list it, can sell exactly when she wants, possibly save on realtor commission etc.

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It all depends on the numbers! Have you looked at comps in the area? What's you're After Repair Value? Cost to Repair?

Also, if you plan on renting make sure you check to see what similar properties are renting for. Keep an eye out for a significant supply in the neighborhood that may make it difficult to rent.

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Originally posted by @Todd Fithian:

Hey Ryan!

Awesome on wanting a good set up. Just speaking out experience, I've had, and used and abused pretty much every cordless tool brand in the market. I'm a contractor and when I first started I always thought dewalt was the top dog. But years after years of realizing how much trouble I've had with dewalt, I had to make a change. It's obviously really good to stick to one cordless brand because the tools are all interchangeable with their batteries for the most part, meaning a drill battery will most likely fit a cordless circular saw and so on and so on. If you're looking for a really cheap, easily replaceable cordless set that probably won't last forever but will do the job and can be replaced cheaply, ryobi is the way to go. If you want to make the investment and have a setup that will probably last you longer than you ever thought possible, Milwaukee and Makita is my pick. I switched over to Makita about 6 years ago and I still have every single tool that I originally bought, working great, and we use them everyday, heavily. Yea there's an occasional battery to replace ever once in a blue moon, but the tools themselves are amazing. Pricey but amazing. You get what you pay for.

I'll probably get someone disagreeing with me about the dewalt bash, but it's just from my experience. We used them every day, constantly, and I went through countless drills, an unbelievable amount of batteries, and so on. I'd shy away. Anyways, that's my two cents.

Have you tried them out recently? I absolutely love my XR series tools. Seems like they stepped it up. My dad has some of their older 18v tools and I am not a huge fan of those.

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I'm a huge Dewalt fan. Makita, Dewalt and Milwaukee are all great brands. Bosch as well. That being said, Kobalt offers a great "no questions asked warranty". I remodeled my first house with their 20v set and returned it for a full refund when the led light burned out. I believe I even went in and had the drill exchanged when I burned it up on a 4inch hole saw. I beat the snot out of that set and they honestly held up better than i expected. I jumped to Dewalt when I realized I would be continuing big projects into the future.

If you go Kobalt, get it in store at lowe's and make sure you go out to Quik Coupons and purchase a coupon. I get 10% off everyday from that website. If you go with Dewalt or other big name brands, eBay will likely have the best prices.

After having multiple jobs landscaping I would never buy any electric landscape equipment. IMO nothing beats an engine when you're outside. I hate trimming with an under powered tool. If cost wasn't an option I would go with Echo but I have had great luck with Husqvarna.

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I just signed a 2 year lease-option contract. I understand the risks of performing this large of a rehab under Lease Option, however I trust the owner and my time-frame is short. I have the ability to raise the total capital of the project (through HELOCs, private loans, CC's etc). I've about locked down all rehab financing, but it would take some legwork to come up with enough to purchase. I have decent credit and a W2 Job. I would like to retain the property to rent after the rehab.

Conservative Numbers:

ARV: 180000

Rehab: 60000

Purchase: 55000

70% Rule: 64%

What are my options when it comes to exit strategies? Can I pull an investment loan @ 70% after i've completed the project when executing the purchase option? If so, can I get pre-approved to help obtain private investors? Should I purchase the property now? If I do, am I strapped to the 6 mo seasoning?

Interested to hear everyone's thoughts!

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All Forum Posts by: Chris Karley

Chris Karley has started 3 posts and replied 26 times.

Post: Estimated renovation cost

Post: approaching neighbor about off market sale

Post: Rehabbing a remediated meth house

Post: Best cordless tool system?

Post: Best cordless tool system?

Post: Lease-Option Exit Strategies