I did everything myself in here, that is not how we do
the business and there right there is a house that I have already flipped
as well and we already know that I can flip this house to a bar on my buyers list
i got a strong buyers list in this area
hey guys! this is john cochran and today it is Saturday and we are in the beautiful
city Fairborn Ohio right now and what I wanna do on today's
systems Saturday I wanna go through and I wanna show you how in the world
if your gonna go ahead and buy a property
how to know what the repairs are on the property because
a lot of people in a lot of things that I used to do and i used to just guess
okay so I used to go ahead and just guess what the repairs were and walkthrough a home
it needs about ten thousand dollars well quickly did I find out that that 10,000
whenever I either
start a rehab unit or so let somebody else quickly turn into maybe twenty
twenty five thousand dollars it was just my air so what I ended up doing guys
like created this sheet
okay so I ended up creating the sheet and what I'm gonna is I'm gonna show you
how the world to go ahead and build the sheet out
so that you know exactly what you repairs are going to be
into each home that your foot been
or as a realtor it just doesn't really matter so let's go ahead and go inside I'm gonna go
shoot through and I'm going to show you
the sheet on what we do whenever we know whenever we're buying a property so that we know
how much repairs are on that house. let's go!
hey guys. what's up? so guys here we are inside this home and what i want to do
i really want to break down this form
I wanna break down this form for you right now and
you know normally we have a clipboard with us or whatnot but I want to really
break down this form so
if you really look at this it's a form that we have very very standard and you
just go through just check yes or no on all this stuff
does the home need a roof, yes or no, check that, yes or no, if it does not need a
roof
check no, if it does need a roof then you say
it tells you what it's going to go ahead and cost, okay
so single or single home or what not
single family up fifteen hundred square foot so you roof is gonna roughly cost
you
about five thousand dollars on that one layer shingles that they can go ahead
and go over top of it
it will be anywhere between 2500 and 3000 dollar
then you put that repair estimate over there, you go through the entire home guys
so you go through the entire home does it need exterior paint or citing
yes it needs exterior paint and citing then you go through and it gives you the
description and breakdown of it
okay that needs painted a single family home that's about fifteen hundred square
foot
is going to be about three thousand dollars in order to go ahead and
paint
the multi-unit I you know couple units on it or what not maybe a four plex
something like that he is going to cost anywhere between six to seven thousand
dollars siding on it
we're going to be single-family 1500 a square foot home
would be about seven thousand dollars go ahead and do it so if it does need
be at the siding or what not you know say it need siding the home to about
fifteen hundred square foot
you simply go ahead and put seven thousand over here
the whole goal this as you go through the entire home like we're getting ready
to go through
he check yes or no on all this stuff and then what you want to go ahead and do is
put the repair as my honor
and then you total up the repair and that's how you do it so just looking through this home
it definitely needs new carpet and definitely needs painting
the first thing that i'm gonna go through is the first I actually do the stuff in order
so i do this from water and of the sheet
I looked at the roof I do not need a roof and my eyes I went ahead and I checked
no on that
exterior painting citing I personally would go inside his home
so seven thousand dollars on that does it need Windows okay so
does it need windows so this particular home this is not vinyl windows or anything like that so the
windows
are older, now keep in mind but you have to stay within your comparables
okay so in my eyes yes I'll go ahead and put Windows in this
but I'm looking at all these other home and they really have about the same
kind of windows in here
so im gonna actually say right here that this does need Windows
and it tell me right here the little chichi all I Got to do is count the windows up in
the home
then it tells me that it's, two hundred dollars a window
I'm not gonna do it right here just for the sake of this video but just say that
there's ten windows in this home
two thousand dollars. i have already done my repair on here
does the garage need repairs and then I go out the garage and look at that see if it needs repair
if it needs a garage door it would be $550 and it tells me what it needs
and actually does not mean anything in this
in this case, yard need clean up or landscape, right now
you know I'm gonna go ahead and say no because you really can't do it on ohio and
um you know this time in year, so I'm gonna go ahead and say no it does not need
landscape, so nothing on that, what we are
for central air so as I just go through and i just
look at all this,. I know that the whole home needs painting so the entire house needs painting,
right? so
i'm awfully, all good through down to that, I'll check the yes
right there interior, you need to know a couple things whenever your filling up
this form, you need to know
the square foot in this home. this home has happened to be right around a thousand
square foot
right here and it's gone on the floor, it's awesome is it
try it some? i'm just asking. i'm just asking. so here
a lot
so into your painting, it's about a thousand-square-foot
you know this is going to be anywhere between a dollar fifty to two dollars a
square foot so you're looking right around
you know about two thousand dollars and you go ahead and get this thing, painted so you
write
2000 dollar in there, but right here inside the kitchen, we got a kitchen right here
are you gonna go ahead and put a plans because we personally do in every single one of the homes
that we do
now when we sell this home to retail we will go through and always put appliances
and there so yes we're gonna do that, and tell exactly what the stove
a microwave, refrigerator and a dishwasher. we do have a dishwasher right here
as well
and so i'm gonna go ahead and total all that stuff up
you know, i'll put that right over here, ok, kitchen, you know what needs repair
so my question to you, do you think this kitchen needs repair, i mean because
this is some pretty high quality stuff
this is a pretty high quality stuff right here you guys so
i mean you got a gourmet stove right here that's, you know its
you know just straight of a low showroom floor, you know just straight o
showroom floor so
you got painted cabinets right here, guys i'm getting rid of this entire kitchen
I'm getting rid of the entire thing, so i go write here to the sheet
and it says kitchen needs repair,
absolutely it needs repair, so to do this
for a rental, it would be $1500, do it nice, it'd be twenty five hundred bucks, i'm gonna
go and write 2500 bucks right there
so keep walking through here
you know obviously, i see
this is the laundry area whatnot, you know any repairs
it need to be done on this. so, i need to look at the electricals
was almost certainly is downstairs, so you go to the sheet
anything on electric wire it need repairs fifteen hundred dollars for new
the whole moral this guys is is on I'm gonna just stop to the sheet right here
the whole more as you walk through the entire home and you go through and check
yes or no
on this and it tells you what the cost is as you go through and you put it on the
repairs are right here and you told them that whats your repairs are so
let's go through and look at this house, and see what you guys think, get your feedback on this
and see if you think this is a good buy or not
and one of the bedroom right here, amazing,
my question to you is this, can you tell where the bed was
can you tell where the bed was
i can't so it's amazing the way people live and
but it is what it is I mean this is a hud home, you know we will go ahead and
purchase, and it is what it is, here is one of the bedrooms
right here, you have the wardrobe down there
so what's in here, this is my first time in this house actually
so you got the closet right there whatnot
and yes we'll go all the way up here
sticky yicky icky, okay so we'll go over here
and looks like somebody tried to paint something over there
and then you got another bedroom right here so I guess its a two-bedroom home
overnight carpet this one oh yeah
you know the painter made up to the top,this is actually one of the nice
in the entire home, and you got the closet right here as well
so you got the closet right here as well, this one seem actually not very bad
and look back here it looks like they put something over
which is fine it doesn't bother me one bit
I it's actually three-bedroom home so its a three bedroom home so
you go over here and here is the third bedroom
so its kinda small no base, molding or anything like that
it doesn't have a basic forms i'd definitely go through and put in here the
that it needs
I'm always on the bottom so one thing i would be doing to
I would go through Count all this window as i go through and fill in this
suck that out, home that definitely needs painting right here
and I actually hell a lot more right there, and then you got right here, you got the
bathroom. which hud does on all of their properties, they tag all this stuff
properties get win or rise, that's why they go through and put tape on the toilet
they go ahead and put this tags on the
sinks, they got this orange stickers everywhere saying that's been
you know, they just make sure their butt is covered i guess if you go ahead
and say
on all this stuff so, bathroom is not bad, but you know what
Id personally would go ahead if i was gonna go ahead and retail this property, i would go ahead
and put that it does need repairs in and that would cost $1500
for the sheet, so the prices guys are pretty standard across the entire
country
so it's pretty standard across the entire country unless you are like
in an area like Hawaii or anything like that where if you just go out to eat
its gonna go ahead and cost you about a hundred and fifty thousand dollars so
and ask me how I know 'cause i have been to hawaii many times so
guys I just wanted to really go ahead and get this video out to you
you do have access to this sheet I am putting this sheet
below the video so you can go ahead and have this, so whenever you are going through a home
you can just quickly fill this out, total up right here
so that you can either go ahead and give this to your other investors that you are selling homes to
or so that you will know
which repairs, 'cause i got so sick and tired of going through and
and thinking a home would be, you know maybe fifteen thousand dollar something
like that repairs and ended up being
thirty thousand because that can kill a deal, that can kill a deal and
if you want to know how in the world i didn't make any money in real estate when i first started
this stuff for the first 7 years, it's because i didn't have a system like this
so it's yours go ahead and take it, and I i hope the go ahead and use it
because
it rock. so guys use it. find out what the repairs are
i'll see you on the next one, see you guys!