House #27: Preliminary Budget

October 16, 2011 · 4 comments

Rehab is well underway on The Waffle House, but I promised to post the preliminary budget estimates, since I know a lot of my readers really like to see the before and after budget details.

Here are my estimates for this project:

Preliminary Budget

We’ve already gotten bids on the project, so I expect that it shouldn’t be too difficult to hit these estimates. That said, I’d really like to bring the costs down a bit during the project, so hopefully we’ll come in a bit below these numbers, especially since the resale values in this area have been lower than I’d like, so appraisals could be difficult.

So far, renovations are coming along well, and there haven’t been any major surprises…

4 responses to “House #27: Preliminary Budget”

  1. Mark says:

    When i saw the before pictures of the Waffle house, i didn’t think that it needed that much repair. I hope everything goes according to your estimation as usual.

    M Mark

  2. Don Hines says:

    I agree with Mark. OO’s would have bid the price up too far for the investor to have a chance with this one if it were in Little Rock.

  3. best foreclosure listings says:

    Great post … thanks for the info

    It was very usefull.

  4. J Scott says:

    Mark, Don,

    The house doesn’t look nearly as good in real life. There is a lot of sheetrock damage, some broken windows, a good bit of wood rot and termite damage on the exterior, etc. It certainly wouldn’t pass an FHA inspection, so most OOs wouldn’t have been able to buy the property.

    I’m actually glad it had all this extra damage, or I agree, it would have been bid up way too high!

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