New to Real Estate · lancaster PA · Member since 2020 · 4 posts · 0 votes
Hello everyone.
I'm interested in rental properties and would love any advice you have. I understand the basics and feel as if I could reasonably assess a property's value/rental price, etc., but I honestly have no idea how to determine major rehab cost or what detailed things to look for, in terms of structural damage, lead pipes, updating electrical, etc., when assessing a property.
Any advice of this or do I just higher a contractor to walk the property with me and ask for their price evaluation? What is a typically price for this?
If you would like to share some strategies, that would be awesome.
Welcome to BP. It's a great community you have joined. For a new investor the rehab cost can make or break a deal, so you do want to get professional assistance for estimating these costs. The contractor may do it for free if you plan on using them for the rehab. Or you can get a professional inspection done, and then ask for repair bids to the major items. You should always get an inspection until you have some experience.
Let me know if you want to connect further. I own 65 units in Abq.
Hello Zach. I'm a local investor in ABQ and also a Realtor. I'd suggest (when this pandemic ends) to get in touch with the local master mind groups and go to the meetups. You are also on the right track with just going over things with contractors or getting inspections, these can cost ~500 or more but is well worth it. I'd be willing to help you out however I can.
Thanks guys. Yeah, just messing around today with bank websites and down payments + fees.... Cash down requirements are steep at the moment with no property/major equity to put up - around 30%.