In the 13 years, I did not clean, paint, or do much there so it needed a bunch, ended up refinishing the hardwood floors and redoing the kitchen as well as paint every where inside and out.I have a current 12 year tenant, who will probably stay for more years, as their circumstance precludes moving.Another tenant I have has been there 30 years, though I've only owned the property a few years, they were living there a long time before I was the owner. 

So im ready to take on my first property. i've formed a partnership with my best friend who is an agent which is very beneficial , i manage a hardware store  which will be extremly helpful when it comes to buying material aswell as networking with other investors and contractors. so heres the deal we are looking at single family twin  ( reo) asking price is 62,500  going to offer 40,000  hopeing that works . house is going to need a kitchen (12,000) bathroom (6,000) going to change the radiator heating system to hvac (approx 4000)  finish the basement (7,000) siding (6500) new oak hardwood floors (2500) new doors interior and exterior (5000) and a concrete patio out back ( 1,500)  and other cosmetics (5,000) we figure all said and done we would end up about 90,000 into the house which the market in the area has them going  around 135,000 as a median and 165,00 high end 120,000 low . how does this sound to everyone any and all insight is greatly appreciated thank you in advance for your time and thoughts.

I actually use direct buy for my renos.it allows me to spend the price of an economic version, but receive a upper/middle end product of whatever I'm buying.The big savings i've noticed is for flooring (carpet/tile/hardwood/laminate), cabinets, and counters.Yes, you can likely pick up some of this cheaper from ReHab stores of Habitat For Humanity or garage sales, but this allows me to pick exactly what I want for colors and style.

i simply cant say enough about this unit.Second unit: Sigh of releif had clean hardwood floors.. clean kitchen..clean bedroom (windows had spiders etc but looked fine) ..living roof floor squeaked in few places when stepping on those spots..second bedroom was cleanish ..pantry had HOLE in roof with umbrella being used to contain water leakage.. overall no bad odor etcThird unit: Clean hardwood floors..cluttered kitchen (but thats not relevant to house itself) bedroom was clean ..bathroom had hole in floor near bathtub and when stepped on it moved downwards and seemed like cant withstand too much weight.. two broken windows but still intact.. had similar hole in one room being used as storage.Basement was cold and seemed to have moist air.. yellow glue like stuff used to seal around windows and pipes.. very cluttered.Most of stairs in house squeaked and some felt loose.Conclusion:Noway im paying +100k for this i wouldnt even consider this 3 unit but 2 as one of unit was not liveable at all !!!

How many s/f and what is the cost difference per s/f for laminate vs. hardwood?  

I will be using a 30 fixed rate mortgage and putting 20% down.After I close, I will be doing the following renovations: Refinish/stain the original hardwood floors which appear to be in pretty good shape; new interior trim; renovate full bath (tile floors, tile shower surround, new toilet, new vanity, towel racks, etc); paint interior; new interior light fixtures; minor landscaping; new interior doors; new closet shelving.  

The home I listed is in livable condition, it has newer windows, hardwood floors (somewhat scratched in certain areas of the house),the  mechanicals on the house work properly but AC unit was completely rebuilt. 

Good morning BP,I haven't posted very much on here yet, however been reading and following many members.We are about 30 days out from the closing of our first investment property and I am starting to make some plans. ...

Next post will detail how the negotiation went down.Draw 1 2nd floor Unit Remodel Bathroom $1940Paint Unit $1350Change windows on 2nd floor $3360Flooring (refinish hardwood)  $1350Add Cabinets to Kitchen $500 Total for Draw 1 $8,500Draw 2 Install Furnace for second floor: $5000  Install furnace for first floor: $5000Total for Draw 2: $10,000Draw 3 1St floor Unit Paint Unit $1350Flooring in Unit $1350 3Rd floor Unit Paint Unit $800Paint common Areas $500 Total for Draw 3 $4,000Total Budget $22,500

I know I will have to rein in my eye for detail to stay on my budgets but I would have thought 600,000 would be when the real hardwood and thorough paint inspections kick in.