All Forum Posts by: Tim G.

Thanks @Joe Fairless

Where are your rental properties at in Cincinnati? I'm thinking about buying in Clifton, which is student rentals for Univ. of Cincinnati. I know there's a lot of hassle with those types of properties, but there's a lot of $$ to be made too!

here is my total budget I put together when getting everything together. The numbers in red are actual values where I already have a bid on stuff. Everything else is still an estimate. The 1 item that I think is high is flooring....I only plan to replace the floor in the kitchen and bathroom. I plan to refinish the hardwood flooring in the living room and bedrooms. My father-in-law has refinished floors a few times and said he'd help me.

But the flooring being high is going to offset the back door and possibly the windows. The back door is weird and i'm afraid i'm going to need to replace it. Also the windows have been changed but i'm guessing they're 10+ years old....may be able to just clean them up and put new seals in....

@Liam Goble The $4,800.00 roof quote was for 23.62SQ of 30 year dimensional shingle roofing. I asked him about going to a cheaper shingle and he pretty much said there would be minimal cost savings....but I guess that's for me to decide, not him.

@Darrell Shepherd Thanks for the tip on the hydrogen peroxide. The mold isn't bad, just some surface stuff on the floor joists and the little bit of drywall and wood paneling in the basement. I plan to rip it all out and paint the concrete floor and walls. The house is 1050ft^2 with a covered deck area as well. He did give me a quote just to R&R the rotted wooden soffits and fascias but I'm afraid that will just become a nightmare and it will all need replaced...guess we can try that route first. You are also correct in that he quoted seamless gutters. I agree with what you said 100% regarding what the buyers are going to look for. The door to the right of the kitchen is a small pantry. :)

@J Scott I know you're not really commenting on my situation but I just wanted to let you know I have poured over your website for the last week or so and you have a ton of excellent information! Thank you!

Thanks again everyone for all the words of encouragement! I'm actually doing most of the work myself. Only stuff I plan to sub out are the roof/gutters/soffits and some or all of the basement stuff. I'm a car guy that sold his car about a year ago, so I started pouring my "hobby" time into fixing up my own house. Then decided to do it to another house and hopefully make some money! I consider myself fairly handy but will definitely be posting up some questions in this thread as I go. I'll also be updating with more pictures as I go.

I have $1500 in the budget for the basement. That includes cleaning up the mold, painting the floor and walls, and inspecting the HVAC (which works because the power is on)

No. The mold isn't bad. He said he'd give me a couple $12/hr guys to come in and scrub everything down in the basement. They could probably get everything cleaned up in a day or 2.

to break that bid down further.....

Roof - $4800

Gutters - $1050

Vinyl soffit & aluminum fascia - $2250

I have a buddy that is a GM of a local GC company. We met at the house last week to have him look at the roof, gutters, soffit and basement. He provided me a bid of $8100 to do a layover 30yr dimensional shingle, new 5" gutters and new vinyl soffit and aluminum fascia. Maybe I'm way off base, but my sanity check has that being pretty high.

I have a call in to another GC that did some siding on my personal house. He is going to go over there tomorrow to get measurements and provide a bid as well.

I had $6000 in the budget for this, so hopefully I don't get hung out to dry on this one....

So I've been looking for kitchen cabinets for a couple weeks now....just trying to get my ducks in a row so I can buy stuff as soon as we close. Was trying to keep the cabinet budget around $2,000. Everything I've found is absolute junk though for that price. Found out Cabinets To Go is right down the street from my house and they have a 25% off coupon on their website for their grand opening. Cabinets are $2500 through them and I'm very impressed with the quality of these cabinets.

They also gave me a recommendation on a granite countertop guy. I called him yesterday and he'll install Santa Cecilia, New Venetian or Ubatuba for $30/ft^2. I have 25ft^2 so that's $750. He will also provide and install the sink for $150.

My total budget for the cabinets, countertop, sink, faucet, disposal and piping is $4000. So come in right on budget. Woo!

Welcome to my thread! I'm going to use this thread as my blog on my 1st rehab property. I ultimately want to get into rental properties and plan to use the profits (hopefully) from this flip to purchase the first rental property.

I close on the house on 2/28/14. My goal is to do the rehab in ~90 days and hopefully sold within another 90 days. To say my stress/nervousness level is rising as we get closer to the closing date is an understatement!

The house is a 3bd,1br ranch with unfinished basement, 1 car garage and 1 carport built in 1970. Based on the comps in the area, the ARV is ~$125,000. I am purchasing the property for $62,750 and have a rehab budget of $20,000. So I complied the 70% rule without even knowing about it! Haha

It seems like a relatively easy flip but there's still quite a bit of work needed....

- new roof, gutters & soffit

- minor mold remediation in basement

- kitchen is a gut

- bathroom is a gut

- bedrooms and living room need paint and floors refinished

There is more but those are the major items. Here's some pictures of the house from the MLS ad.

http://img.photobucket.com/albums/v295/SloRice/7e312f3949868ef43da66f9756bee7cf_zps8bef958e.jpg

http://img.photobucket.com/albums/v295/SloRice/9e20cfc7045fe66c8892fecd5cf7eab3_zps6fd1703f.jpg

http://img.photobucket.com/albums/v295/SloRice/40a6564a897878af879218c5b9182883_zps57272756.jpg

http://img.photobucket.com/albums/v295/SloRice/c20e68e18cfb7e7680f068570d8f9a2e_zpsfac61742.jpg

http://img.photobucket.com/albums/v295/SloRice/89fb473ab32604ebc7f34eeda9dfe0ab_zps0b485c24.jpg

Hello all! Been lurking on here for a few weeks and decided to join and post up. I'm from the Cincinnati area and close on my first rehab house on 2/28. As the date gets closer and closer, my stress/nervousness level is skyrocketing!! I have a friend who is investing to help with the purchase of the house and I am doing the rehab. We will then sell and use the profits to start building our rental property empire!

I'm going to make another thread that goes through the trials and tribulations of a first time rehabber!

Thanks for having me and I look forward to all the great advice I'll find here.

Tim