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All Forum Posts by: Jennifer Umbaugh

Jennifer Umbaugh has started 28 posts and replied 70 times.

Post: Broker's License or Not struggling with decision

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13
I am a new real estate investor. I have recently purchased two buy and holds but am now turning me efforts to flips. I am really struggling with the pros and cons of flipping with a real estate broker's license. It would be so helpful to hear points of view on both sides of the issue. License or Not?

Post: Need Help Costing out Rehab

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13
Originally posted by @Manolo D.:

@Jennifer Umbaugh Pretty much if you are looking at those type, I would budget  80-100/sf, doesn't matter what they leave inside, you still spend time to work around it, next time you hear a guy rehab, that's what it takes, also, additions here run around 130-150/sf range. Since the investor did demo, you can scratch 5k off that list. We are providing this info so you could have a "ballpark" number.

 Thanks so much!

Post: Need Help Costing out Rehab

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13
Originally posted by @John Weidner:

@Jennifer Umbaugh

I'd have to see the floor plan and how to run the copper and electric but I would figure $25 - 30K +/- 5 in HVAC, Electric and Plumbing.  Might be cheaper but that would be copper and conduit for the Plumb and Electric and brand new ducts.

All the interior redo simply ball parking it - Framing, New Drywall, Hardwood (not laminate), Tile,  Kitchen Cabs and Vanities, Granite, Plumbing and Electric Fixtures, Doors and Molding, Insulation - $75K +/- 10

Outside siding work?  Windows? 

Dont forget Landcaping and Fencing 

Higher end flip you could quickly be in the $125K range for just repair costs. 

Thank you so much for taking the time to provide me with such a detailed response. I was also thinking that this is probably a $125K plus job. Unfortunately the numbers are just not going to work on this one. Your response was very helpful in confirming my gut on this. Thanks again.

Post: Need Help Costing out Rehab

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13
Originally posted by @Jennifer Umbaugh:
Originally posted by @David Foster:

You should check out J Scott's books on flipping real estate. One of them is about pricing out renovations. Just know they are ballpark numbers but it will at least give you an idea. Both are excellent. 

I have both of his books. They are excellent! 

Post: Need Help Costing out Rehab

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13
Originally posted by @David Foster:

You should check out J Scott's books on flipping real estate. One of them is about pricing out renovations. Just know they are ballpark numbers but it will at least give you an idea. Both are excellent. 

Post: Need Help Costing out Rehab

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13

Thanks  to everyone who replied! All very good advice  @DavidFoster @FrankSanchez @JohnWeidner @JerryHouk.  The numbers just don't work on this one. The hunt continues ......

Post: Looking for Investor Friendly Contractor Wilmington NC

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13
Looking for an investor friendly Contractor in Wilmington NC to build relationship. Any suggestions? If so, would appreciate contact information and any other helpful information.

Post: Cost Ballpark

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13
I just looked at a 1920's Craftsman that an investor has stripped to the studs (preserving some of the cabinetry and floors). It is between 1400 and 1500 sq ft. It will require all new plumbing, electrical HVAC including ducts, and a complete rebuild of 4 bedrooms, a large kitchen and living area, and two full baths (one being the master). Can anyone give me a ballpark on costs to upgrade this home with high end fixtures. The neighborhood is sought after but I am certain the numbers would not work without a significant price reduction. Just thought I would throw this out there before deciding whether to call in a contractor for a bid. Thanks!

Post: Need Help Costing out Rehab

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13
I just looked at a 1920's Craftsman that an investor has stripped to the studs (preserving some of the cabinetry and floors). It is between 1400 and 1500 sq ft. It will require all new plumbing, electrical HVAC including ducts, and a complete rebuild of 4 bedrooms, a large kitchen and living area, and two full baths (one being the master). Can anyone give me a ballpark on costs to upgrade this home with high end fixtures. The neighborhood is sought after but I am certain the numbers would not work without a significant price reduction. Just thought I would throw this out there before deciding whether to call in a contractor for a bid. Thanks!

Post: Investor Friendly Contractor Wilmington NC

Jennifer UmbaughPosted
  • Wilmington, NC
  • Posts 80
  • Votes 13
Looking for an investor friendly Contractor in Wilmington NC to build relationship. Any suggestions? If so, would appreciate contact information and any other helpful information.