All Forum Posts by: Robbie Pollard

Richard, I was just searching the bank websites, the MLS, & any other site I could think of. I looked @ about 40 or more properties before I found this one.

Thanks Jim, I thought is was going to be between 3,000 to 3,500. Now I know what the range should be........

I just got another bid for the cabinets & counter tops for 1,309.27 @ a regional discount lumber company, that's 650 lower than Home Depot........Now I'm going to Lowes and see if they can beat the lower price.........

Richard, my realtor said she think I can get close to the ARV if the property is done nice.

Hey Robert so far I've come within budget. I gotta meet with the A/C guy tommorrow morning & get his quote for the outside unit; which I think is going to be the most expensive item, so I hope he gives me some good numbers... I'm also going to give my finished quote to the Home Depots bid desk to get a few more dollars knocked off, but this is what I have so far........

Kitchen
Cabinets & Counter Tops--------------------$1,967.73
Floor
--Tile-----------------------------------------$308
--Thin set------------------------------------$70
--Grout---------------------------------------$26
Sink-----------------------------------------------$79
Faucet--------------------------------------------$75
Refrigerator-------------------------------------$468
Stove---------------------------------------------$498
Dishwasher---------------------------------------$198
Bathroom 1
Tub-----------------------------------------------$109
Toilet---------------------------------------------$54
Bathroom light----------------------------------$26
Floor----------------------------------------------$40
Sink------------------------------------------------$99
Sink Faucet---------------------------------------$29
Tub/Shower Faucet------------------------------$84
Bathroom Mirror---------------------------------$50
Bathroom Fan-------------------------------------$13

Bathroom 2
Toilet-----------------------------------------------$54
Bathroom light------------------------------------$26
Floor------------------------------------------------$40
Sink--------------------------------------------------$79
Sink faucet------------------------------------------$29
Bathroom mirror-----------------------------------$50

Miscellaneous
Vent covers------------------------------------12X $7.77 (each)
Thermostat-------------------------------------------$11
Mail Box----------------------------------------------$10
House Numbers--------------------------------------$18
Floor Trim--------------------------------------------$50
Total--------------------------------------------------$4,653.97

Exit strategy-- I'm going to list it for 3mths, if no one bits I'm going to rent. The rent in the area for a 3 bed 1.5 baths and two car garage is about $800-$1000 a mth.

Half bath------------------$500
Full bath-- ---------------$700
Kitchen w/applicances--$3500
Hardwood resufacing---$400
Exterior--------------------$200
A/C-------------------------$2500

These are ruff estimates.. I'm going to prices the materials 2day..

I closed yesterday on a REO. The bank was asking $39,900, I offered $24,230. My realtor came back and said they had mulitple offers, so I raised my offer $26,500 and they accepted.

I think it was a good deal, but let me know what u guys think because this forum has helped me out alot over the last few months.

The house got foreclosed on in the middle of a rehab. It has a new roof, doors(interior & exterior), windows, electrical, drywall, paint & garage door. They also left unused paint, new shutters and alot of other miscellaneous items.

So the only thing I have to do is resurface the hardwoods in the living room & bedrooms, put tile in the kitchen, dining room and bathrooms. The bathrooms need toilets, tubs, lights & vanities; the kitchen needs cabinets, countertops and appliances. I also need a new central air unit, which I think is going to be the most expensive item I have to purchase.

My budget is $8,000
My time line is 2 wks to a month, I'll be doing most of the work myself with the help of a handyman when needed.

I paid $26,500 cash
My budget is $8,000 but I'm going to try and get it finished with $6,000
ARV=$80,000

That's it in a nutshell, let me know what you guys think. It would be greatly appreciated.

Great Info Marc....Thanks

Thanks Will

Do you guys know any good hard money lenders. This $45,000 is all the money I have to my name & i wanna be able to move agressively after I make my first purchase and rehab......

I was able to get about $150,000 in cash & $250,000 in credit with a 6 month old company by establishing the business credit, but I had to PG the Loans & LOC's. But banks typically don't give money to start-up real estate or investment companies. Any company with real estate or investment in the name raises a red flag when applying for money with a new company with no assets..

U need DUNS number to get a credit rating from D&B.. U will definitly need 1 if u'r trying to build your business credit profile