I am a newbie in real estate investments and recently fell in love with the rehabbing part of real estate. I came across two properties in a nice neighborhood in Maryland that are vacant because of the misfortunate events fire destruction. I am trying to get the insight from any investors that have ventured towards rehabbing burnt properties and how much should be set aside for renovations. Also I am trying to get a feel for your experience and if they were profittable or do you see yourself doing it again?
Please any information will be gladly appreciated because it will get me in the right direction.
The first one is a two storey building and the burn damage is on the second floor with the roof burnt down. The second is a two storey building but only half of the second floor got damaged.
How much do you estimate it will cost me for the contractors to come look at the house and determine what the damages are? And typically, how many contractors should I bring to any property I am trying to buy to give me an estimate of cost of fix-ups? So I can get different views.
we have a company here that will go over the house with you in great detail (2 hours) then within a couple days provide you with a complete breakdown of costs. They charge around $300 +/- They are a contractor who specializes in bigger rehabs like new levels, additions etc but they do this on all size projects for investors only.
its like a home inspection, except they tell you what it will cost to fix.
you may want to ask for an estimate to get the house back to a drywall stage where all structural issues, walls, roofs, etc are repaired and all the drywall is up. Then it shouldnt be too hard for you to figure out what it will cost to put in the baths, kitchen etc.
You will want an accurate estimate and that will take time to calculate so paying them $300 is just compensating them for their time.