Every flip we do, there is something unexpected that happens, this usually costs money.Most HML these days want 10% in the deal.

Typically you would replace two prong outlets with new two prong outlets.

If you have a Budget Outlet near you, they have a landlord program where you get 3% off every purchase.

This way the GC can easily bid out each part of the job, and get me a bid much more quickly than if he has to consolidate based on my "room to room" list of things to do.I'll then have my GC give me a labor bid broken down into the following components:- Permits- Demo/Dumpster- Foundation- Roof Framing- Roof Felt/Shingles- Siding- Gutters/Soffits/Fascia- Decks/Porches- Landscaping- Doors- Windows- Wall Framing/Sheetrock- Electrical Rough- Electrical Final- Plumbing Rough- Plumbing Final- HVAC Rough- HVAC Final- Kitchen Cabinets/Countertops- Bathroom Cabinets- Bathroom Fixtures- Interior Paint- Exterior Paint- Carpet- Hardwood- Tile- Vinyl- OtherOther could consist of anything from install mini-blinds to replacing outlet covers to installing appliances.This generally gives me (and the GC) enough detail that the job can be accurately estimated, and if things change (or surprises are found), we can adjust individual areas accordingly.This also gives me a good idea how much each of his subs will be making, allowing me to figure out what his profit margins will be -- giving me some negotiating help if needed.If your contractors have an issue with filling this out, try telling them, "My lender is requiring me to break it down this way in order to approve the loan."

I'm trying not to be discouraged...And I certainly don't want to jump just because it seems like a good deal...I think the part of my equation that I'm not factoring in is this:If I get the home at the rate I hope (60k) and I borrow 80k that will leave 20k in reserve.10k I will keep untouched for unexpected things.

lol :oops: Hey don't feel bad it happens to the best of us in real estate always expect the unexpected it's an unpredictable game.That is why homeowners and investors always have to work hard to stay one step ahead.

I have read several articles on this Chinese Toxic drywall issue and ....one of the companies makingthis said there is NO health hazard ...meanwhile this stuff corrodes metal and even electrical outlets.

I want to make sure I am allocating enough for that unexpected expense.

per window.Remove or fix fence $500--$1500Tent Termites $1400Flooring about $2.50 per SF under airKitchen sink and granite estimate $$6500Bathroom $2500Electrical entire house wire with electric panel $3500New doors, locks, ceiling fans, wall plates for outlets and switches $1000Interior Paint $1500-1800Insulation $1000Drywall $6000K to redo drywall for 1200 SF house which is $5 SFThe best houses to remodel are houses with good roofs, good central air units, nice yards, no plumbing or electrical issues and NO swimming pool.

My plan is this will be my 'start retirement' property :-) I am going to do my standard 25 year amortization loan in case I run into any unexpected things along the way, but use the projected cash flow on this property to apply all of that to paying down the mortgage early.