1st Deal As Investor; Need Remodel Estimate Form.

Hello everyone,
I am close to closing on my first ever investment transaction. I have been researching REI for about 3 months and I am like a fish out of water. I found a deal that is a fixer upper and will need new kitchen, 2 baths, flooring, landscaping, paint (interior/exterior), and some roof repair. AC is in good working condition and the plumbing seems to be in okay shape, in my unprofessional opinion. I have no exprience with making estimates for project like this and would appreciate any help from everyone willing to offer advice. If anyone has a form they use or a formula for estimating a remodel that would also be very helpful to me. The deal is a SFR is Maricopa County. I hope to get it for 152k and put no more than 40k into the remodel and sell it for 235k. This is just below average market value currently for this type of home in the neighborhood the home is located. Please help all your wisdom is appreciated.

The first thing in calculating costs in a rehab is expect your costs to exceed your budget. It happens, and the little things that the eye can't see can really add up. If you really think you need to spend 40k in the property, consider another 10 to 15% on top of that amount just to be safe. When the property is finished and ready for the open market, be prepared to let it sit for 3-4 months until you can find a buyer. Add another 6% if you are going to use an agent, plus closing costs.

Add this all it up and see if you can make a good solid profit, if not I’d stick to finding a simple cosmetic property first, just to get your feet wet.
If you really want to get a solid cost to fix this one up, contact some local contractors and get some quotes on paper. That’s a starting point.

Hi - I have a form, but unfortunately we can't email each other unless we join as a paying member. I am also in Arizona and would love to know where your property is located. I'd enjoy seeing it. I'm not interested in horning in or anything, just curious. I'm like you .. new to all this and I know its exciting. I am looking for my first rehab. I missed out on one last week. I'm really antsy about buying something. Its funny, when you have the money for something, it isn't there.

I am also a custom home builder (a general) and can't wait to rehab a house. I've done large custom homes and remodels but it wasn't my design or my personal profit.

I think you did a great deal. I'd enjoy hearing your story about how you did it and the rehab process. I'm really happy for you - even if I don't know you - my id at yahoo.

Also, I hope you have added in what they call Holding Costs - those costs that you may have on loaned monies (interest payments), HOA, selling costs, etc. ... stuff we forget about.

I think your fix up costs of $40,000 is pretty reasonable as long as you don't go crazy with $250 bathroom faucets and $900 stainless steel kitchen sinks or custom made cabinets. Any help I can give, please let me know.