All Forum Posts by: Robert Obniski

@Carolina E. Thank you! I am expecting more blessings ;)

 Thank you!

To elaborate on my rehabs..

You should definitely take into account that both of my flips were not sfr. Meaning, almost zero work to the outside had to be done as the association usually takes care of that in regards to townhouses and condos. Also, both these flipse were all cosmetic. Biggest thing was flooring, which I contracted out. Other than that its just things like toiets, light fixtures, doors, painting. Pretty easy to be honest. The type of flips I did, to me, are more like a hobby type of flipper. No gut or extreme work, just simple work. A lot if it though. 

As far as calculating rehab costs..  Just go to your next property with pad and paper go down the list..

Flooring? Find out how much sq ft, find out what kind you would like, do the math, add a little extra then add labor.

Paint- Calculate area. I dont know the forumla but ceiling height and square feet or something i dont know.. But i never stress the paint because I know if i dont buy enough, i can always go buy more. If i buy too much I will just use it in the next property. 

Light fixtures/Fans - Count how many of each and give your self a high number per fixtur

Bathrooms-New toilet necessary? New Faucet? New shower head? Etc Go to home depot, pick out what you would use, keep it in a journal or take a pic with price there and then just figure it.

Kitchen- Keeping cabinets? Painting cabinets? New cabinets? All the knobs and pullers. Faucet. Appliances? You can get a decent 4 peice stainless package for around $2200

Random things- Outlets, GFCI outlets, covers, etc just tally how many then go to the store. (Things like this I buy in bulk as I know they will be needed down the road.

At the end of the day its best/easiest to just take a saturday or sunday you have off. Go look at a potential property or a 'like' property of what youre looking to get into. Spend an hour or more and tally up everything and measure everything then spend the next couple of hours at home depot/lowes/menards and act as if you were actually going to buy that. 

It gets easier the more you do it but I think that would be great practice. 

 Thanks for the words! And while Las Vegas isnt something I have ever thought about, I will entertain the idea! Shoot me a message with some details.

@Marcus KennedyThanks! Im searching day and night for the next one

@Account Closed Wow! Thank you for that. I have never felt like that from someones post. Im glad I could offer something like that to you. As I mentioned above to Jim, I too loose motivation and get burnt out. The self motivaton and focus lingers for about 3-4 weeks then it back to dullness. Gotta find other ways to motivate! I am very very interested in cars, it's probably the biggest thing in my life besides loved ones. SO to get motivated sometimes I will go on youtube and watch high quality HD videos of the car/cars I one day want to own. I get so excited about that car that it motivates me to further my real estate goals and I get back to work. So i guess i would suggest if your feeling burnt out again, maybe find motivation in the things you would do if your real estate career was already booming.

kitchen, bathroom, flooring. Some other small stuff.  

Looking for recommendations for a contractor doing work in Bartlett, IL

 That's some solid advice! I should go back and run the numbers the only problem is Im so new to this game that I have no idea someone would have charged to do the work I did. For example one plumber quoted me $250+ for something so simple that another plumber did for under $100. So its difficult for me to gauge how much it would have been. 

Looking forward to reading your success story. I actually went to college in Milwaukee for a year and my sister currently lives and works there. I see it as having much potential for REI in general. I read somewhere it was mostly an un touched market until a few years ago.

 Long story short.. I was able to purchase the first one with my own cash. 

Good luck with your first flip! Remember, numbers dont lie! DO the math right and no way you can fail!

 Very true! I have yet to figure how much I should set aside. DO you have a general percentage you work with?