Rehabbing & House Flipping

User Stats

28
Posts
17
Votes
Bret Halsey
  • Investor
  • Cincinnati, OH
17
Votes |
28
Posts

Analyzing a deal in my market

Bret Halsey
  • Investor
  • Cincinnati, OH
Posted Jan 19 2023, 17:34

If I don't have MLS access, what's the best way to figure out what ARV might be on a house I'm contemplating for a flip? Also for estimating a rehab budget, how should I go about doing that? I know there's different formulas for figuring out my MAO, but I'm having trouble estimating these keys #'s (ARV and rehab cost) due to inexperience. Thanks!

User Stats

5,629
Posts
2,818
Votes
Eliott Elias#3 All Forums Contributor
  • Investor
  • Austin, TX
2,818
Votes |
5,629
Posts
Eliott Elias#3 All Forums Contributor
  • Investor
  • Austin, TX
Replied Jan 19 2023, 20:38

Hire a realtor. 

User Stats

5,629
Posts
2,818
Votes
Eliott Elias#3 All Forums Contributor
  • Investor
  • Austin, TX
2,818
Votes |
5,629
Posts
Eliott Elias#3 All Forums Contributor
  • Investor
  • Austin, TX
Replied Jan 19 2023, 20:40

User Stats

231
Posts
173
Votes
Andy Sabisch
  • Investor
  • Jackson/Vicksburg, MS
173
Votes |
231
Posts
Andy Sabisch
  • Investor
  • Jackson/Vicksburg, MS
Replied Jan 20 2023, 04:03
You should try to develop a repertoire with a local investor friendly / experienced realtor to get that insight.  There are agents you can connect with that are on BP (see the FIND AN AGENT at the top of the screen).

If Redfin is in your area you can get some good insight.  Give that a try.

As far as estimating reno costs, see if you can connect with someone in your area that is flipping now or even a contractor that will let you go with them when they do an estimate.  Be sure to add in the contingency which always seems to get used.  Estimating renovations is always a challenge but you can get close as long as you are realistic in terms of what it will cost and a lot of the tools out there tend to be dated and hence low in terms of cost.

User Stats

1,673
Posts
942
Votes
Bob Stevens#5 All Forums Contributor
  • Real Estate Consultant
  • Cleveland
942
Votes |
1,673
Posts
Bob Stevens#5 All Forums Contributor
  • Real Estate Consultant
  • Cleveland
Replied Jan 20 2023, 07:27
Quote from @Bret Halsey:

If I don't have MLS access, what's the best way to figure out what ARV might be on a house I'm contemplating for a flip? Also for estimating a rehab budget, how should I go about doing that? I know there's different formulas for figuring out my MAO, but I'm having trouble estimating these keys #'s (ARV and rehab cost) due to inexperience. Thanks!


 Ok so the 1st thing you need to do is learn, The way to do this is NOT by reading books or going to guru seminars. Connect with someone local doing deals. You will learn more in a week then you will in a year reading books . BTW Zillow has the comps for you, just click on the closed tab, But DO NOT even try just yet. You need to learn what the reno will cost will be and that is NOT from speaking with a GC' they will give you retail pricing, 

All the best 

BTW this is exactly how I started 10 years ago, well 500 deals later, and nothing I have not done in RE. 

Good luck 

User Stats

391
Posts
237
Votes
Tim Delaney
  • Buffalo, NY
237
Votes |
391
Posts
Tim Delaney
  • Buffalo, NY
Replied Jan 21 2023, 07:48

@Bret Halsey find a great investor friendly realtor. Preferably someone who has experience with flippers in your market. My agent is constantly looking for on market opportunities for me and will even go and do a rough rehab estimate and calculate ARV to see if it's even worth showing me. When I get off market leads I send them his way for ARV estimate. A good realtor understands that they may have to do this a dozen or two times for every one deal that works, but it works out for them in the end.

For rehab, experience is the best education. But J Scott’s book is helpful as well.

User Stats

19
Posts
8
Votes
Andrew Geier
8
Votes |
19
Posts
Andrew Geier
Replied Jan 25 2023, 01:29

Hi Bret,

I'm an agent/investor and for fun a pediatric ICU nurse in the Cincinnati area! Reach out and let me know how I can help! 

Best of luck and wish everyone here tremendous success!

User Stats

274
Posts
151
Votes
Sam McCormack
  • Real Estate Agent
  • Cincinnati, OH
151
Votes |
274
Posts
Sam McCormack
  • Real Estate Agent
  • Cincinnati, OH
Replied Jan 25 2023, 05:57

@Bret Halsey

I can help you... 

You signed a representation agreement with me! Let me help you! You have to let me help you!