As of this week, The Drought House rehab is complete and the property is on the market (after rehab pictures coming soon!). It was a pretty straight-forward project, though we did have a couple overages and changes to the renovation plan, as I mentioned in my last post.
Below is a side-by-side analysis of the projected budget versus the final budget:
As you can see, our original budget for this rehab was $20,000, and we ended up about $1000 below that, despite the overages. The bulk of the savings came from not putting hardwoods in the entryway, not including a washer/dryer and not having to pay for termite treatments (the bank did that for us before we bought it).
Good stuff. You are really good at your rehabs estimates.
What kind of dumpsters are you getting for that price?
Hey Danny,
Actually, that’s not really our price for the dumpsters. If you take a look at the last house we closed (last paragraph in this post: http://www.123flip.com/house-21-budget-recap), you’ll see that the dumpster company destroyed a neighbor’s mailbox they we paid for, so they just gave us a $200 credit towards this dumpster.
We typically pay $365 for a 30 yard…
I can see that you’ve accurately estimated your rehab costs. I usually end up a little beyond my estimations (nothing serious!). Good luck with this property.
Ok. I remember that. I was thinking that was either a great deal or you got a tiny dumpster. 🙂
Do you always treat your houses for termites? We generally only treat if we find actual termite damage and have to repair and treat to pass a cl-100.
Chris –
Just like you, we only repair if we see termite damage or if our termite company tells us there’s an issue. Since we generally need to get a termite letter for every house (the buyer always requests it as part of the sale), our termite company will do an inspection on every property either way.
It’s amazing how you almost accurately predicted the cost of rehab. in addition, you have save some penny for the termite treatment.
@Chris, I agree to Scott. It is better to consult the expert for inspection to know if it really needs treatment. You can do the inspection also,after you have read some article on how to know if its time to treat the property for termite attack.