All Forum Posts by: Steven Fortino

Hi All,

I am about to begin my first RE investment deal and am looking for feedback on my budgeting numbers.  Any feedback is appreciated.  I am buying a 4 unit property for $27,500.  Here are my estimated costs, are they reasonable?  Too low? I am willing to do all work besides the roof, electrical, and structure myself.  These are average estimates from 1 contractor, 1 RE agent, and my research so far.

Purchase price, inc interest $27,500.00

hvac $5,000.00

electrical $2,000.00

foundation $5,000.00-I am planning on doing the demo myself.  Small 10 foot long area needs to be replaced.

legal fees $1,000.00

windows($150 each),25 $3,750.00

toilet, $150x4 $600.00

shower $500x4 $2,000.00

vanity/med cabinet, $200x4 $800.00

Fridge, stove $500 each $4,000.00

flooring $5,000.00

drywall $2,000.00

fixtures $750.00

roof $5,000.00-estimate for a 15x15 piece.

siding $8,000.00-back of the house only.

doors $2,000.00

hot water tanks $1,600.00

kitchen cabinets $4,000.00

interest exp, 10% of renovation cost $6,088.00

25% markup for renovation cost $13,125.00-figured i would throw this in there knowing its my first deal and i am probably underestimating everything.

total cost $99,213.00 

Thank you BP!

I would also be interested in attending a Syracuse meetup.