How to get the best estimate for rehab?

Question

Hey everyone! I am from San Francisco CA. One of the priciest places to live. I am planning to do BRRRR out of state.

How do I get the best estimate for the rehab with only a couple of pictures online? I am currently looking on Zillow and similar websites. Do I message the agent for more pictures? And how do I get a better understanding of how much everything will cost before taking the next step?

Ben G

Kenneth Garrett · Answer

@Benson Gee

You need boots on the ground.  First, pictures are taken to hide the poor parts.  You need a team member.  A really good agent, home inspector, local contractor, etc.  You want to buy with full knowledge.

Alora Glaze · Answer

@Benson Gee Awesome! Good luck with it! Don't be shy about joining several groups at once just to get more diverse information.I am originally from San Diego but moved to Indianapolis about 5 years ago to start investing - California dollars go a bit farther in the midwest markets. I now assist out-of-state investors in the central Indy area with REI.

Gil Segev · Answer

@Benson Gee nope. I live near Sacramento. We're practically neighbors :)

Benson Gee · Answer

Thanks! I will set up a facebook and instagram page for my investing tonight. Do you also invest out of state? or in the city you live in ?

Benson Gee · Answer

@Gil Segev Are you also currently living where you are investing in?

Alora Glaze · Answer

Your best options may be off-market properties - utilize social media (its free!).Create a business profile on Facebook and Instagram that you wouldn't mind using to connect to wholesellers, realtors, and to make other connections associated with REI.Markets all over the country have specific groups on Facebook for their area that allows them to connect and provide their information to get on buyers list & connect to realtors familiar with investment opportunities in the area (hopefully they've got some leads on contractors too) Groups for example: "Out-Of-State Investors (insert city)" or "Real Estate Investing (insert city)"Start there to get some leads and to see what other flks are posting and what their takes are on that particular market you're most interested in.

Benson Gee · Answer

@Alora Glaze It will be a out of state investment. So it will be very tough for me to see the property unless I fly out there. Where do you start if you wanted to connect with local realtors? And where else would you look around to find more distress proprieties?

Ben G

Gil Segev · Answer

@Benson Gee Don't worry about it, the more questions you ask, the better are your chances of making your first deal successful!

I believe Zillow lists both MLS and FSBO properties and as mentioned above, may not pull everything listed on MLS. I probably should have phrased my statement a little differently.

When you put a property under contract, there are terms that need to be agreed upon like price, closing dates, inspections, etc. Depending on the market and deal, you terms may or may not include an inspection period. As an example (but not a proposal..) If you have a property you know is an absolute bargain and you know will require a lot or very little rehab, you could offer an all cash deal with short or no inspection period in your offer. This could make it easier for the seller to accept other terms in your offer such as a relatively lower offer price.

The easiest way to understand the buying process where you are buying is to speak with your agent. In AZ where I am currently putting in offers, my agent's standard contract has a 10 day inspection period in which I can get an inspector and contractor in the property and make sure it meets my expectations before closing.

Benson Gee · Answer

@Gil Segev For my first deal I am planning to do it with an agent. This might be a newby question but is the MLS the same as zillow?

How to get the best estimate for rehab?

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