All Forum Posts by: Michael Lovell

Welcome Lorri, Shelton is a great area to find a flip. Let us know if we can help. Hope to meet you at the Fairfield County meetup next Wednesday.

This is a great story to hear from bigger pockets members working together and good luck to both of you. 

Hey Jeff, you should probably talk to some remodelers in your own area to get an idea on prices. Most remodelers know about what it costs to gut and redo a bath or a simple kitchen. Make a list of everything you think it might need. take lots of pictures and have some contractors give you a ball park. Having three contractors go out and give formal estimates will be very time consuming for you and them. I never liked to go give prices to potential buyers of properties because it was hard enough fighting for jobs for people who already owned their property. Do your best to get your rehab numbers correct and present it to your buyer with those numbers. Your buyer will figure out there own rehab costs. Try to compare budget amounts so you know what they figured. I don't think you need to be spot on correct as a wholesaler but you should be very close. If you can get some contractors to take a look, great. Maybe find some guys at the local Home Depot at 7 am. 

Nice job snatching up a great deal. Glad you got your variance. I know all about Norwalk's building department and the hoops you have to jump through. I look forward to meeting up with you in the near future. 

Chris, since you are also in Law Enforcement you should qualify for HUD's good neighbor next door program. This could be a nice opportunity for you.

I look forward to being there and networking with some great people in my area. See you then.

Welcome fellow Nutmegger. 

Most of the good home energy audit companies will use a Thermal imaging camera and are trained to use it. Renting one will probably be a waste of money unless you know what you are doing and how to fix any problems you may find. 

See if you can compare electric energy rates from last year to this year. My rates went up and so did my bill. I changed generation companies and the bill has gone down. Having an energy audit done is a fantastic idea. Air sealing a rental with electric heat is very important as well as efficient light bulbs etc..

Steven, i'm not sure what you would plan on doing with this home but if its a flip, we look at houses including all purchase cost including rehab to be minimum 70% of ARV. Make sure you know your numbers and exit strategy before figuring your max purchase price. $145 would be way too much especially with 2 full baths, kitchen and carpets with the comps you are looking at.