The master rehab plan

So my husband and I spent an hour today discussing our rehab master plan. Looks like we'll be closing on the Sunrise property on Wednesday of this week (yeah!) and then the Ft. Lauderdale property on Monday of the following week (long story).

My dad is a master handyman so we're going to hire him to help us with the properties....he's reliable, does great work, and won't cost an arm and a leg! We'll hire specialists for things like electrical and roofing.

Here's the master plan in a nutshell:

Sunrise property:

• Pay $60K for the property.
• Finance $50K through my new friends "Roger & Paula".
• Spend no more than $12K on repairs -- replace fuse box w/ circuit breaker, replace roof, put new glass in a couple windows, patch up the ceiling in the living room, and some small cosmetic issues (like get rid of that terrible beehive in the back of the house)
• Rehab should be complete in 6 weeks -- ready to go in early January
  
• Call back the landlord/investors and end-buyers who were interested in the property and have them take a look
• Market like crazy
• Sell for highly discounted retail value and pocket up to $20K [we're not looking to do a major updating/rehab and sell at full retail value because of the high amount of inventory out there]
  

Ft. Lauderdale property:

• Pay $56.5K for the property.
• Finance $50K through a high cost hard money lender :-(
• Spend no more than $12K on repairs -- lots and lots of cosmetic work (this is where my dad's genius comes in), modernize kitchen, add kitchen appliances and washer & dryer, do some basic landscaping, paint both interior and exterior of home
• Rehab should be complete in 6 weeks - ready to go in early January
  
• Advertise on gosection8.com and find ourselves a tenant [there are TONS of them]
  
• Rent for $1300/month - nice cashflow for us
• Refinance the property (or get a private investor) as soon as possible so we can lower our monthly cost for hard money financing

As we go along, I'll post more details (and pics!)