New Investor In The Atlanta Area?
I understand being new to real estate investing can seem a little terrifying at first. It's like you have the capital and cash reserves, you have decent credit, and the desire to get started but you don't know how to start or you don't know what to expect when you do start. I'll be the first to tell you, that it is okay to be slightly afraid in these moments. However, the more you know, it will allow you to get started in real estate investing with more confidence. So, my goal here is to help you with just that. A very important asset you want to acquire before making any real estate investment is a creditable & skillful general contractor (GC). Especially, if you are purchasing a fixer upper/fix & flip.
I like to believe that your "GC" is the heart of your project. I say this because in a fast selling market, fixer uppers are being sold within 0-48 hours. So if you think about it, do you really have enough time to hire an inspector, get them out to the property to inspect it, and then receive their inspection report back in all of 2 days? 99% of the time you will not be able to. So who else can you get out to that property to help you perform thorough due diligence and foresee any probable issues with the property? It would be your general contractor (GC).
Your contractor should be knowledgeable enough to act as an inspector in that moment. And, they should be able to pin point any concerns that can hinder your exit strategy and expectations. Whether that be foundation issues, an outdated or worn out roof, outdated plumbing & deterioration of cast iron pipes, outdated wiring which can cause fires, or even a larger rehab budget than you anticipated. These are all major concerns, and it will save you a lot of money if you made sure to have your "GC" walk through every property before you purchased it. I make it a priority to emphasis how crucial this is to all of my buyers and colleagues. Best Regards.