BRRRR Questions - New Investor
Hi Everyone,
Long time lurker and first time post. Thankful to have such a community to learn so much from!
I am looking to BRRRR a single family home (just learning everything I can at the moment), preferably OOS but close (Looking in PA & CT - I live in NYC). I am just getting a little hung up on a few nuances and I wanted to see if anyone could provide any clarification in these aspects, mostly about putting my team in place:
1. In regards to figuring out renovation costs, I know I can’t have contractors walk a bunch of houses with me and give me renovation estimates before I make an offer to purchase something. If I waste their time I will lose credibility. I’m still learning what to look for and how to ballpark renovation costs but since I’m new I do not want to overlook a big repair that could be an issue. I also just don’t want to tour a bunch of homes and not really know what to look for and how much everything should cost and spin agents' wheels. Does anyone have any insight on how I can accurately learn renovation costs in a particular market without wasting a bunch of contractors’/Agents time?
2. I may or may not try to get a hard money loan for the acquisition and rehab. At what point should I be contacting a hard money lender? Should I be in contract or should I be building a relationship prior to going into contract so that when the time comes I will have the lender in place?
Any insight would be greatly appreciated. Thank you!