It looks like The Rookie House is going to be a very, very thin deal — it’s unlikely we’ll make our minimum profit target, and I’ll probably be happy if we make even $5000 on this deal. Just based on our electrical, plumbing and HVAC quotes, we’re already over budget on this one, so it will certainly be a no-frills rehab and hopefully we’ll be able to make up some of the overages in other place. It’s a LOT of work for such a small profit, but there aren’t many deals out there right now, and I’d rather keep the team busy than wondering when the next deal will come along.
Btw, here are just a few pictures of The Rookie House — now you understand why it’s going to be so much work…
As for The WI-1 House, I’m expecting to get up to Milwaukee in the next 7-10 days to get a bunch more bids, kick off the renovations and spend some time with the guy up there who will be managing the rehab for us. I made the mistake of not taking pictures the last time I was up there, so I’m finding it difficult to put together a detailed scope of work for the project, which is making it difficult to get any contractors in there for bids before I return.
Hopefully both of these projects will complete within 8 weeks — we can’t sell The Rookie House for 90 days, so there’s no rush on that one, but we’d love to get the Milwaukee house renovated and back on the market as quickly as possible, as winter starts early up there… 🙂