Property Rehab: Fixer-Upper and Construction Talk

Hello and Happy New Year.

I am getting a property ready to rent. The old tenant was a heavy smoker for 10 years in the house. The whole place stinks really bad. We are cleaning and painting everything we can but that leaves the carpet. The carpet is still in pretty good condition but I am concerned about the smell. Is there a particular machine or chemical that works better than others for removing cigarette smoke from carpeting?

Thanks,
Bob

Bought a house with foundation issues. After getting numerous bids a foundation repair company was found and the repairs and leveling were done. Months later after repairing the sub-floor it was noticed that the load bearing wall is not supported by piers or a beam. The company came back out and wants to charge nearly what it cost to fix it and level the house in the first place.

I think they dropped the ball. Any thoughts? Any referrals to reliable foundation repair companies in Dallas TX?

Thanks Ya'll,
William of CRE
Dallas, TX

We all are faced at some point in time with the dilemma of rehab on a property.
We are all familiar with contractors and what they can do. I have become my own contractor in some cases and then subbed out the work to save on costs.

Contractors estimates are generally going to be high and that is great if you are just selling it to a buyer or want a cushion to work with if you are keeping the property.

I have a handyman that I have used for about 7 years now. He can handle most of everything. What he can't do he subs. For example electrical. He can do the work for almost half of what it would be to hire an electrician.

I would like to hear your viewpoints on this or experience with either or both.

Randy Bailiff
Dean Graziosi Real Estate Coach

I have this house that has has an unusual 1' by 1 1/2' I guess you could call it a hole in the roof I think through the soffit and the damage goes all the way through the sheathing, but doesn't damage the shingles so I am unsure what happened and how much cost to estimate for that. It also has a double gable where in the corner it appears to have more sheathing damage around a foot or two wide by a foot in length I am guessing from water and the water pours off and onto the other gable shingles because it has no gutters there also doing more damage before finally falling to the ground.

who or where do you go to learn how to diy lead paint rehabs?

Hey DG fam, need your help. I'm in the process of rehabbing my first investment property, and I plan on renting it out. I'm struggling with the decision of refinishing the hardwood floors, or installing carpet. I don't want to put cheap carpet in, but that would help me to stay way under budget. Suggestions, opinions, please!!

Property in Medford, MA. Not listed on MLS. No For Sale sign posted out front. City inspector says the Attorney General has gave warning to owner that they will take possession, fix it and offer it to the owner for rehab costs.

Since looking at this property, I realize that this is a Total Rehab. I believe the owner is motivated, but not exactly sure. I heard news that the neighbors are complaining about the house.

Tough property for a first flip. Inside is gutted out in some areas. All window frames rusty. Ancient windows.

Needs new windows, roof, holes in the area directly under the roof, I do not know what they call this area.

I want to make some money, although, estimating repairs for this type of rehab is going to be Real Difficult for me.

Vacant two story home and a seller who MAY be ready to sell.

I have not approached her, because I know her house needs a lot of work and I do not know how to come up with a sensible total for repairs, which means I need a Contractor.

If I bring a Contractor over and he thinks it is a good buy, he could make an offer to the seller and undermine my interests if I do not have a right to buy the house. The Contractor will have more knowledge of Repair Costs than I will.

Without knowing how much to fix this house, I will not be able to make a sensible offer. I could be way out there.

How do I protect my interests in this type if situation?

When you rehab, something unexpected almost always happens. Because of this, you should expect the unexpected by setting aside more money than the estimated costs. In all of my rehab properties, the vast majority of the time there is always something significant that needed to be fixed which was not able to be seen until we dug deeper into the project. It is vital to allow yourself some protection in these kinds of situations. Budget this into the margin and adjust your maximum offer accordingly.
Locate a property that will only need minimal repair. Even if you saved money from buying the house at a discounted price, it is also imperative that you know the estimate restoration or you might end up spending to much.

We have a decision to make and need to make it soon. We have an apartment building that has a brick exterior. We are trying to change the overall appearance by putting in new windows, landscaping, shingles, etc. The last detail is the brick. Many have tried to talk us into painting the brick to make it more modern and we agree that the original brick has and older style look to it. But if we choose to paint the exterior we can never get the original back and it would require touch ups every few years to keep it looking good.