Experiences of a REI (NY style)

My successes and failures as I attempt to build my wealth through real estate investing.

Tuesday, September 26, 2006

Well it has been a rediculiously busy past few weeks for me, but I do have some Updates. I have been working on some numbers for the house that I am trying to purchase from my fiance's family. Here is the work up of the numbers related to the house.

Some Updates
I came about this estimate through various comparables in the surrounding neighborhood. I also adjusted the price per square foot due to the variations in SQFT, and shape of the comparables. That is why my estimate is on the lower range when compared to the Cost/SQFT of the other properties.

Below is an estimate of what I believe it will cost to repair and renovate the house to todays standards.


This estimate is not including repairing the roof structure, which I believe will increase the cost substantially. This Estimate is also based on hiring all the work to be done. In really life I will try and do some of the stuff myself, especially the stuff that one doesn't need a permit for. The only things that I will have hired out are the things that requir a permit, anything that takes significant skill, etc.

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