In most cases, that requires an itemized accounting of the damages, and bills for things like painting or carpet cleaning.

Michael, nobody is choosing the guy with the dollar sign.

I will do that as soon as possible and let you guys see which picture (of the many that look ohh so great) I will choose as my avatar, thanks again Mr.

So I basically have seen two basic formulas on these message boards to determine whether or not a property is a good buy.For rehabbing: (ARV * 70%) - repairs = Max Purchase PriceFor Renting: Rent * 50 = Max Purchase PriceI would like to buy a property to Rehab, but be able to fall back and rent it if I can't find a buyer quickly... while also having positive cash flow after mortgage and operating expenses.If I put an offer on a property for $25k and the ARV is $50k (if I put in all new flooring, paint, and redo the kitchen and both bathrooms) that leaves me $10k (According to the formula) for repairs which I could likely do if I'm doing it all myself.BUT...That would have me with $35k into the property, and I am only confident of being able to rent for $600...

It's just now I will do it in my Bigger Pockets sweatshirt or if Josh can't get the XXL thing worked out maybe he can just cut arm and head holes in one of those large contractor trash bags and paint Bigger Pockets on the front of it.

Since you said he has enough to live on no matter what he does, I think he should choose the course that causes him the least anxiety.

Stuff like paint or carpet is obvious, but what about stuff an inexperienced person like me is going to miss?

it does give you a better feeling when choosing a realtor.

After all, most loans are 30 years long… that is a long time to wait and see if they choose your loan to come after.Don’t do it!

As we were going through this process, we assumed that we would not be doing a complete re-paint of our home since in the original settlement it only covered affected areas, which is less than 1/3 of the home and our house was painted less than 3.5 years ago with approved colors (we still have the official “approval” from the HOA/Architecture Review Committee).