Help with rehab process and pulling the trigger on DEALS!
I am struggling pulling the trigger on deals. I keep running the numbers for a BRRR property and they seem to work, but since this is my first deal I become a bit hesitant on committing on a deal. I am struggling mostly with the Rehab work, I am getting deals from a wholesaler and the properties need a significant amount of work. Because I am not 100% familiar with the rehab process from start to finish and I work a full time job I feel as if I won't be able to fully control the outcome of the property. I am looking at rehabs around 40k-60k and walking a property that needs this much work just makes doubt creep in of how to make it work after. If I could get any advice on how to get more familiar with the scope of work needed for rehabs this size or what the procedure was, maybe shadowing somebody I would feel more comfortable in moving forward. I also had a vision of what I wanted to do but not sure how to present that to any contractors for accurate bids. Does anyone have any reccomendations on how to learn this process either people or materials I can research? I am in Austin, TX which the market here is going up like crazy.
I also wanted to ask if anyone has had trouble finding an ARV for a property in an appreciating market? Where I was looking at the properties were selling for 280-310k for 1,500+ SF 3BD 2B. They were not flips at all or renovated to an extent, most of these were in very nice condition but no full guts in this neighborhood. How can I estimate the ARV on a fully remodeled property if there are none to compare the updated house with?
Thanks in advance!