We started work on The Puzzle House this morning, and spent a good couple hours with our contractors making final decisions on things like kitchen layout, flooring finishes, moving walls, etc (here are some of the other things we’re up against as well).
They should be finishing up demo today and starting to dig the footers for the structural underpinning in the crawl space, but unfortunately, after that work completes, we will likely be at a standstill for a couple days — the permit office is closed today for President’s Day, and we can’t get the electricity turned on until the county inspector gives the go-ahead (this is a county requirement because the electricity has been off for more than 2 years). Until we get electricity on, there’s not much else that can be done.
While there are still a lot of decisions to be made on design and finish work, and there a lot of bids we still need from our contractors, here are my very preliminary estimates for this project:
I’d love to get that budget down to $45,000, but I have a feeling that we’ll decide to add some nicer finishes as we progress, so it could creep up closer to $50,000. So, I’m going to estimate a final budget in the $45-50K range for this project (a lot of credit will go to my awesome GC if we can keep it in that range…email me if you want his info for your next job!).
And here is our very preliminary schedule, assuming we don’t lose too much time for inspections or unexpected surprises (I should probably run this by my GC before I post it here, huh? :):
I’ll post some pictures of the rehab progress later in the week…
Hey J,
Wow, looks a fun project! Looking forward to seeing this one complete.
Cheers!
looks like you are getting more and more complicated/time consuming projects, which is a sure sign of growth/experience. good work.
would you be willing to share your task list spreadsheet? do you have them in your “education/download” section?
Hey George,
We’ve always done some big projects from time to time (this was a $65,000 rehab over 2 years ago: http://www.123flip.com/house-14-final-analysis), but given that in our market, the big rehabs tend not to generate much more profit than the smaller rehabs, it’s hard to justify the big ones. This one is a test of a new area, so we’re okay doing a bit more work for likely the same level of return.
Feel free to shoot me an email and I can send you a copy of the spreadsheet…
What kind of work will you have to do to the foundation? Was the previous work done incorrectly or poorly?
BTW, if you want to be able to share documents with readers of the blog give Sugar Sync a try: https://www.sugarsync.com/referral?rf=fabhkhi6s82ij&utm_source=txemail&utm_medium=email&utm_campaign=referral
You can put the files there and then just post a link on your site so people can open them up. They give you 5GB and it’s free. Works really well for me.
Hey J,
Just wanted to say i really enjoy your site/blog!
I was wondering if you would be able to post a sample contract between you and one of your GC under your tools (extra goodies). Maybe a contract from a past house. It would be a really great tool to get an idea of what a contract looks like for rehabbing. I am just getting ready to get my feet wet in the rehabbing business and this site has been one of the greatest resources on the web. You keep it short and sweet not a bunch of extras just straight to the point business.
Thanks
Hi Pat –
Take a look at the “Education” section of my blog. Under “Business Planning” I have two articles — “Contracts for Your Contractors” and “Independent Contractor Agreements”. The second one has a link to the actual contracts I use.
Sorry J,
Disregard. I just found the contracts on the extras page. Guess i should read the whole page first next time.
Thanks