My real estate investing experience is none, other than I remodeled and built houses for seven years out of college.

Tenant moves and you have one month of vacancy and re-tenanting costs.You release for 600 but spend 2,000 on the remodel because tenant lived there so long and lost 550 in rent.

David Jackson Real Estate investor with a background in remodeling, landscaping and electrical since 1992 a member of the nccer since 2010.

Remodels ALWAYS have unforeseen issues, even for experienced contractors.

Repairs are at most 50k, since the last remodel was over 10 years ago.

So far we’ve had almost 20 inquiries and have 5 showings lined up for this week.Here are the final rehab numbers; the asterisked jobs are those that we DIY’d.Final Costs: Item Cost Demo/cleaning* $620 Roof work $4,900 Exterior painting $2,600 Concrete repair $1,100 New exterior doors & locks $1,100 Windows $3,500 Drywall $1,200 New bathtubs & associated plumbing/trim kits $1,800 Remodel remainder of two bathrooms (toilets, vanities, & tiling tub surrounds)* $1,150 Interior painting (includes BIN primer on all walls, ceilings & subfloors)* $950 Electric (interior & exterior fixtures; switches & outlets)* $500 HVAC (bath exhaust fan w/ ducting to exterior; central air) $2,800 Flooring (ceramic tile and vinyl plank; refinish stairs)* $2,200 Used kitchen cabinets & appliances* $1,100 Kitchen counters $325 Carpentry (interior doors & knobs, baseboards, trim, etc.)* $550 Sump pump* $175 Landscaping (trimming, mulching, fill dirt)* $50 Safety (CO & smoke detectors; fire extinguisher)* $70 Utility costs during rehab $230 Misc (plywood; insulation)* $250 Tools/Rental equipment $550 TOTAL $27,720 *DIY jobs; the cost listed is for materials onlyI’m disappointed that we came in about $2,700 over budget, but the unexpected cost of replacing both bathtubs was mostly to blame.

We don't have a letter, but we moved a family to a hotel for a week when we remodeled their apartment.

(day to day operations)Person 2:  Master contractor, well versed in every aspect of residential maintenance/remodeling, more flexible schedule to be able to visit properties and make repairs/upkeep.  

With the Medicaid aspect, we'll need to get an inspection/appraisal to get creative to drive the price down low enough, but I think it can be done.With a bit of remodeling and repairs, I think it would raise the value to around $140k as that is what the other houses in the neighborhood are selling for or more. 

So now I've got three remodel projects underway at the same time, and funds are running quite low.