We’re hoping to close on The Leak House by the end of the month…
Here’s the preliminary budget that I’ve put together:
This first two sections of the budget include all the interior and exterior work that we know we need to do (total of $13,000). The third section includes the items that may be necessary, depending on our inspections and rehab decisions (another $7000). So, while we’re going to attempt to keep this one around $13K, it could be as high as $19,500 (if we do the roof and cabinet replacements, we’ll save $500 on cabinet painting and roof maintenance).
We expect this rehab to take less than a week, and hopefully there won’t be any surprises…
Would you say a good rough (very rough) estimate on completely finishing out the interior of an average home (about 1800sq. ft.) is about 15k? I am trying to get some sort of quick system down to weed out houses and see if they fit into the formula. It appears to me as long as you aren’t gutting the interior down to the studs that you can replace flooring/fixtures/cabinets/counter tops/ and paint for about 12-15k.
Of course I would get a definite budget before I actually purchase a house, but I just wanted to get your 2 cents.
Our problem is all the other expenses that add up. It’s a challenge to clear $20K per house.
What tool are you using to create they budget? Very nice..
Hey Chet –
I do most everything in Excel (and then my accounting, which I use QuickBooks). As for where I get the prices, this is just based on my knowledge of what my contractors charge after working with them for a couple years.
Happy to answer any specific questions if you have any…