All Forum Posts by: Hayden H.

Daniel, for a 4 plex in Berkeley, the lowest I've seen is 720K, ad this place was at $900/unit/month. And this property is in a very industrial and busy street with low quality tenants. Property looks run down as well. 

https://www.redfin.com/CA/Berkeley/2425-CA-123-94702/home/1565977

Thanks for the reply guys. Forgot to add in the HVAC, move two bearing walls, adding an attic, patch some siding -you get the gist. Foundation is solid. 

Yes all will be done with permits from licensed and insured firm. I’ve seen their work in two flips in El Cerrito before and I'd say its pretty good. I'm asking for a bit higher quality in the accents (a few barn doors, more tasteful tiling).

The two other quotes came in at 228K and 250K. All contractors walked through the property so the scope should be pretty clear. My guess is the 190K bid is hiring cheaper labor but who knows.

@Frank Wong, nah but I know which one your talking about - the one that closed for 640K at 1628 Acton St? I find it weird it sold under listing by 160K and took so long given the location. Yet that street looks a bit shoddy and the house layout is just odd, can't seem to identify the property lines either.

I'd like to keep the address private for now but will definitely post it once its over.

Hi Guys,

I was quoted 190K for a gut rehab of a single family home ~1200 sq ft in Berkeley. The footprint of the home is staying the same but we are changing it from a 2 bedroom 1 bathroom to a 3 bedroom 2 bathroom. We are also adding a bathroom to the garage. Since its a gut rehab down to the studs, it requires new plumbing, electric, some new framing, roof, floors, windows, doors, paint, trim, insulation, drywall, recessed lights, kitchen, 2 small decks, garage door, porch repair, re-concreting driveway, landscaping front yard and back yard (very small lot 2,200 sq ft). Finishes will be mid-tier, basically what you see in most of the flips nowadays, quartz countertops, mid tier appliances, vinyl floor. 4 months of estimated rehab time. This comes out to be roughly $158 a sq ft and was the cheapest of 3 quotes I got. 

Any thoughts?

Thanks

Hayden

What type of fixers are you doing? high end, low end, medium? From what I've learned, not all contractors are skilled enough to do high end fixers. I know a guy who does low-mid quality fixers in the area.

@Ariel Smith Thanks Ariel! Yes I am aware that a brokerage will want commission regardless, and I'm fine paying it. Yes I can work with an agent but I'd likely be making many offers with a low chance of success, and I'd think most agents wouldn't be too motivated to work with someone with that strategy. I'm asking for references because I need a broker that realizes I'm not here to sell other people's homes or act as a buyer's agent, but to be my own. I don't have an official mentor but that is a great point and will look for one.

Hi All,

I'm about to sit for my sales person license and am wondering if there are any investor friendly brokers in the Bay Area that would allow me to hang my license. I am looking to buy property to flip and it would be handy to write my own offers and negotiate the deals. Thanks for your help!