All Forum Posts by: Holly Scott

I actually called them this morning and they said they'd have to come out to be able to tell me. Unfortunately, in my situation that doesn't help me to estimate costs when wanting to make an offer. But thank you! They look like a viable option when the time comes!

Hi all!

I am in kind of a unique situation with my seller, as he is an attorney overseeing a bankruptcy case and multiple homes within the bankruptcy. Anyway, he gave my realtor and I an opportunity to go to the property (the home was locked however, and he had not yet changed the locks) to ensure it was vacant and we peeked in the crawl space and found there is water in there. The source is from a leak in the kitchen. After that, we told the attorney there was an issue with plumbing and water in the crawl space and he then basically said he wouldn't let us in until we had made him an offer and were under contract, so I have no way of determining the extend of the damage, or getting inspections/bids until after we are in contract. 

As you can imagine this is making it very difficult for me to come up with good, accurate rehab costs and what I want to offer him. We will definitely ensure he does flood and mold remediation as part of the contract, and he believes this is something that insurance will cover, which they have to have for each property through the bankruptcy process.

However, I am hoping someone may have a ball park idea of what it would cost to do a vapor barrier in there once the remediation is complete? I need to try and budget for this.

Thank you!

btw, any other flippers in Colorado , I would love to network with you!

Hi! I am a newbie investor in Colorado Springs! My husband and I are natives of the Springs, went to Manitou High School. We are currently working our first Fix/Flip deal in Woodland Park (beginning the negotiating process, trying not to get analysis paralysis). We have always talked about our own business, and this kinda fell in our lap at the right time and we're ready to do this thing! I have always been fascinated with real estate, thoroughly enjoy the whole process, so it seems like a great fit! Bigger Pockets is amazing so far! Wealth of knowledge! We would also love to be on your buy list:)

Welcome Amanda!! We are new REI investors also in Colorado Springs/ Woodland Park area. So far loving BP!! So much info! It's good to have a community to give advice and help each other out, and to meet people in our areas.

This is all great info thank you!! I put this on thumbtack and we'll see if I can get some bidding action there. We're going to make out offer this week, and any contract will be contingent upon inspection findings. The seller hopefully has shut off the water too. We'll see how it goes.

Hi everyone! This is my first post, and I joined about 2 weeks ago. I have always been fascinated with RE and have decided this is the time to start investing as the timing just seems right for us. 

I am currently looking at a single family for a flip that could be a fantastic deal according the numbers I'm getting from my analysis. It is in a highly desirable area with a great possible ROI. However, yesterday, I went with my realtor to see the property and when I opened the crawl space there was water inside and it was dripping from the flooring in the kitchen. There are mushrooms growing in spots also (see photos).

When looking through the windows I can see where the water is leaking from the refrigerator plumbing and looks like some of the hard wood is starting to buckle and the trim has absorbed some water. It has been leaking this way slowly for about a month now. 

At our dry 8500 feet, how likely is it that there is mold? How much should I budget for something like this? Currently I have 15k budgeted under blankets of foundation and mold. But my rehab estimates (rough, and need a contractor to go through the house with me) are already at 50,700 and I'm not sure I have the cash for much more than this. Is 15k reasonable? 

The rest of the house is mostly redo the kitchen, probably the bathrooms (may be able to save fixtures, but cabinets, flooring and shower tile need done), re-sand hardwood (hoping to salvage the wood by the leak?), interior paint, appliances, landscape, chimney sweep and roof, with some brick work. Is this worth it for my first flip? We will be doing some of this work on our own as well. Any advice on what to look for in a GC? I'm really worried about getting a bad contractor because I've heard so many horror stories. I really don't want my first flip to bankrupt us!