All Forum Posts by: Raji Kaur

Thanks for all the replies guys. So I had 4 different estimates done, and one had all the worst case scenarios which I first wrote about and the other 3 had estimates of the actual work after their walk through and took into account some of the possibilites. Ofcourse until they start tearing down walls and get everything turned on, we won't know for sure. This is not a high end neighborhood or large homes so I have to money is a big factor in this deal. I did end up picking someone and just going with instinct after doing my due diligence. This is my first rehab so if nothing else, I will just use this as a learning experience. Will post updates for anyone who might benefit from this newbie's experience. Once again, thanks to everyone. This place has been a tremendous help thus far.

@Larry Smet

Larry - this is for a flip. Its in a nice neighborhood of homes under 100K for the most part. So I want to make it look nice and new, but nothing too fancy or high end because the neighborhood isn't like that. I just want to put enough work in it to make it a little nicer to the competition. So yes, I realize it not just carpet and paint - I wish. :-)

@Rafael Floresta

Thanks for the thunbtack idea. I just put in a request. Hopefully its not one of those sites where I just get a bunch of junk mail and people trying to sell something. :-)

@Rafael Floresta I was just basing it off other people's experiences and advice on biggerpockets. Ofcourse its not an exact science. But for a newbie, its a baseline atleast.

@Karen Margrave Thanks. I will check it out.

@John Weidner Yes, the front and back door are being replaced, but with not any fancy doors. Only about 4 windows need replacing. Landscape involves cleanup. Roof is ok and doesn't need replacing. Concrete is the front door step will be replaced. Garaage openner needs installed. All this is anticipated. But my concern was that reading the averages for a total rehab at $25-50/sqft, mine came out at the very top of that average and I don't have some of the major repairs some total rehabs have.

@Rafael Floresta Since there is no electricity or heat on yet - its not known yet about plumbing and piping. This contractor has included in his estimate, to install new supply/waste pipping, gas pipping, fixtures, New PVC pipe. Also remove and replace all old supply lines with new copper pipping. Also included is Electrical. Other than that, everything else seems to be work I anticipate. Would it be too much to ask him for a breakdown of the costs? For example, paint interior = x amount. Bathroom redo= x amount...and so on. Or do contractors not get even that specific?

@Wayne Brooks There is a scope of work but a lot includes these what-ifs so I'm having a hard time budgeting. I realize the contractor is covering himself incase of the unkowns, but I'm curious is it the labor charge thats so high for this person? With experience I will know more I guess.

@Rafael Floresta I have read a lot of J Scotts' posts and heard his podcast and value the experience he shares. I will take a closer look at his guide for estimating rehabs. Thanks

I just bought a house in the Chicago area and the good news is that it doesn't have any structural or foundation damage and from two people who saw it, so far nothing major, but pretty much every room needs work. The kitchen and bathroom are a complete redo and interior and exterior paint and new carpet needed in two rooms. The hardwood in the living room and one bedroom are in good shape. The HVAC and furnace and water heater seem to be in good condition. There is some cleanup in the basement as far as taking a wall down and a tub/toilet that's there and is of no use. There are a few other things that need work but nothing major from what I'm told.

The house is about 1100 sqft. One contractor quote me the worst case scenario incase there is plumbing or electrical or other issues for a total of about 57K. The house hasn't closed yet so there is no electricity or heat to test these things. Their quote was based on about $51/sq ft. My concern is that based on what I'm reading here, thats at the very high end of a complete gut job. And my house is not a total gut rehab. I know he gave me the worst case scenario, but how do I budget for this then?

I'm assuming that $51/hr includes labor. Can we ask them to break down what material cost is vs labor? Maybe their labor charge is just more than others. This is my first one so I have no experience in what a rehabd costs. Does this sound reasonable or outrageous?

@John Philippo Just read this post - I'm also a newbie investor and looked at a few properties in Elgin. Like you, I liked the price point. But all the homes I saw were built pre-1900s - some of the year built was unknown. I took a contractor friend with me, and he said every house we saw had foundation issues. And being my first, I just would rather play it safe.

It was a fun meetup and great to put a face to many of the names here. Thanks for setting this up.