5th property under contract year ONE

[Douglas Rice]

I am not sure any of this would be possible without bigger pockets. Last October I bought my first SFR and rehabbed it in 2 months. Added a 4th bedroom with extra space after hearing strategy on a podcast. Rented it and tenant is coming up on 1year. I March I acquired a triplex out of state. Inherited 3 long term tenants and property has needed a little maintenance this year. Getting ready to raise rents to market value and add another $300 in monthly income. This month I closed on a 3/2 SFR from a wholesaler and am putting 20k into rehab. Paid 99k and will list for 175K or rent for $1400. I also have a 4/2 under contract for $230k. Close in 2 weeks. Bought from a wholesaler and expect a small rehab and quick flip to make 30k. This will put me back in acquisition mode to start 2019. I DID THIS ALL WITH A FULL TIME JOB. IF I CAN DO IT ANYONE CAN. THE KEY IS TO JUST GET STARTED.

[Nathan Gesner]

@Douglas Rice have you looked at the BiggerPockets book store? They have a book specifically on the subject of estimating rehab costs. 

Another option: take a couple contractors to lunch or pay them for an hour of time and have them educate you on how to estimate rehab costs.

Third option: check out this web site that gives estimated costs for certain projects based on your region. It's probably not accurate enough to budget with but can give you a rough idea of cost and estimated return on investment.