All Forum Posts by: Brian Emerson

I purchased it through a wholesaler.

Do you deal with properties in Liberty? I am getting a house under contract that looks like it has about 40-50K profit in it and has an ARV of ~100-110

Send me an email at bemerson@gmail.com if it sounds like you would be interested.

Some answers to the above questions

The roof needed replacing. It was pretty bad and the house had some water spots due to the leaky roof.

Rehab planned for a month but might be done in 3 weeks.

We will try to do FSBO for a week then list with a realtor.

The house was purchased for 76K, Repairs 15-20K and ARV of $130K.

This has been a busy process but very informative.

Brian,

Thanks for the post. The numbers i had were assuming replacement of the roof so I guess I was shrugging it off because I was assuming it needed to be replaced but it would be a bonus if it didn't.

Exterior

Roof? How old is the roof. Even if it is not leaking it may be at the end of its serviceable life which will make the house harder to sell. Any water spots on ceilings? New 30yr roof being installed Saturday
Gutters? Cheap to replace and makes a world of difference pulling those off will put new ones up if required to
Exterior repairs. You pointed those out New Trim Boards .. Check
Exterior pressure washing. Every rehabber should own an uber pressure washer and know how to use it After the roof, facia and trim replacement
Repointing brinks? I noticed you pointed out the bricks but condition was hard to determine in video some hairline cracks showing up but it looks like they were installed that way
Exterior paint. Looks like a given. Yes
Garage Doors? They always seem to be a problem.
Exterior doors? They also always seem to be a problem Front door sanded and re-stained or painted, exterior garage door needs to be new
Exterior lighting. Cheap but helps with curb appeal Thanks
Landscaping Yes
Decking?
Driveway condition? Good condition
A/C unit/compressor/condenser/whatever. I hate to say this but appearance matters. A rusty banged up unit will turn a buyer off. New Furnace being installed. I am going to think about the outside part as long as it works
Interior
Kitchen. Looked rough but hard to tell condition. Paint cabinets, new counters and backsplash, appliances at minimum. Flooring? Yes to all the above
Bathrooms. Guessing the need updated as well. Would you buy the house with the current bathrooms? New floors, paint vanities, new countertops, maybe tubs, showers
Paint. Way time consuming Hiring that out
Flooring. Already discussed but what does competition have? Comps have carpet and some tile, maybe laminate floors, or carpet in living area
Lighting/fixtures/fittings. Replace all
Electric service? New Panel
Plumbing? Copper/polybute/PVC? PVC
HVAC? New FurnaceI
interior doors? new hinges and knobs at least.
Basement? Dry? Finished? No basement here it would be a pool
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I'll post more pics later

I have uploaded a roughly edited... let me repeat bouncy... no flow... etc video.

http://video.google.com/videoplay?docid=2163438246092833050

The things I have questions on are...

1. Does it look like a huge rehab from your point of view?

2. What to do about the wood floor. It has the 6 inch square wood floor. Refinish or rip out and replace with wood?

I am looking forward to the challenge.

The price was good. The cost of a furnace isn't as expensive as I thought.

The "maybe" is due to the drain pan running over a few times and causing some rust. I'll have it checked out and replace if needed.

Hello to everyone from Houston...

I am new to Real Estate Investing and have just got my 1st rehab project under contract... close next week. Decided to start a blog about this process so here goes.