Help getting started

[Monte Misa]

Hello all,

I'm new to BP and investing. I am mainly interested in doing buy and hold but I want to try some flips as well. I am in the bay area in the east bay in union city / hayward area.

I've found a house that I could potentially flip but I need to get the rehab numbers to be sure. I'm just not sure where to go from here.

How do I find a contractor? Do I need to have some designs in mind before I call the contractor? What would be the next steps to take after you find a house you think you can flip?

[Matt Gragg]

@Monte Misa flipping is a great way to be able to have buy and hold properties. 

As you may know, buy and hold compared to flipping are two very different projects. 

I would suggest having at least 3 contractors (Investor Friendly Contractors) come view the property and get an idea for what it needs to be marketable to that area and what their bid would be to complete said work. 

The design I would suggest is whatever the market is for the area. Some areas require certain styles, textures colors etc to move the property fast. 

I however would use mostly big box store items that are readily available instead of ordering offline for example. If items get damaged it takes too much time to possibly get a replacement if not purchased locally. 

Would love to help you out with any ideas for the project, do you have any pictures? or ideas for budgets or materials, labor etc? or what the house needs to meet today's standards of style and finishes etc?

Here is what is on our walk thru sheet

"Walk thru sheet for flip and / or buy and hold properties"

Temperature day of inspection____

Rain__ Sun__

Day__ Night

Address

Parcel #

City ____ County____

Flip ____ buy and hold ____

Estimated start date __ / __ /____

Estimated completion date __/__/____

Septic__ Sewer__

City water__ Well__ On__ Off__ Winterized__

Power On__ Off__

Exterior-

Paint

Siding

Lights

Windows

Roof

Chimney

Gutters

Trim

Deck / porch / patio

Steps

Handrails ( 3 steps or over 30" off the ground )

Foundation

Vents

Rot

Garage

Curb appeal

Addition

Crawlspace

Moisture barrier

Trash

Shed

Barn

Pump house

Fence

Notes:

Interior-

Bedrooms

Bathrooms

Kitchen

Kitchen Cabinets

Kitchen Countertop

Backsplash

Vanity

Flooring ( carpet bedrooms, laminate - vinyl - tile for bathrooms and kitchen )

Doors

Knobs

Trim

Towel / TP holder

Toilet

Mirror

Tub / shower

Shower head and handle

Faucets

Sink

Lights

Framing

Electrical

Plumbing

Drywall

Heating / air conditioning

Plug ins / switches

Paint

Sump pump

Dishwasher

Microhood combo

Stove

Fridge

Attic

Insulation ( attic & crawlspace where visible )

Trash

Notes: