All Forum Posts by: Alora Glaze

You just need to make sure to properly vet a licensed and insured GC in the area you're buying. References go a long way - speaking to folks who have worked with them on investment properties from start to finish to see how they handle communication with an OOS client. If a GC doesn't have an online platform or way to provide updates (pictures/notes/schedules) remotely, probably not your best bet. A good way to initially vet is by getting scopes/estimates, although you may have to compensate some for their time but this is money well-spent if it means your avoiding a potential issue with a GC down the line.

Try joining social media groups in the area that you're buying in i.e. Out of State Investors *insert city*
There, you may be able to get local insight and recommendations - even using an REI realtor as a tool to build your team up out of state.

Best of luck to you!!

All my subs use SMAC software in order to create their estimates and work seamlessly with lenders.
While, this may not assist you in sourcing properties - it is a great resource for pricing and keeping tabs on your project while also allowing your contractor to keep a budget, track selections, receipts, and notes.

Best of luck to you!

Welcome to the Indy market!!

Student housing markets are best achieved in neighborhoods like Broad Ripple (Butler Univ.), 16 Tech, or even Haughville (smaller homes near IUPUI). That is, if you're staying local to Indianapolis.
I would suggest joining the Indianapolis Out of State investor groups on Facebook to get further insight into local options, opinions, including contractors, realtors and news other investors are sharing.

Let me know if you need any referrals - always happy to help!

Best of luck to you!

Scope fees are standard and will help you build a good relationship with a GC. These prices can vary depending on what level of detail of a SOW or estimate you're needing done. Save yourself the hassle and make sure you're working with a GC who is licensed and insured - for instance, the GC I work with even guarantees their work up to a year.

Make sure you have realistic expectations though, if you need a line-item detailed estimate for a job upwards of 50k - you're not going to be able to get a 24 hour turn-around. Building relationships with contractors, and paying scope fees, will ensure you can get pricing or approximations in a more timely manner - showing that you're a serious customer and not just taking advantage will help your credibility in the long run, especially if you're not getting every property you're having them come out to bid on.

Best of luck to you!!

I'm familiar with this new software that my contractors use to estimate rehab/renovations, and new build costs - gives updated pricing in line-item detail and is also used as a project management tool as well since you can have everything from budgeting, accounting, to selections, and scheduling in there too - you can even create work orders for subs to sign so nothing gets left out in the communication process. Lenders love it, too.
Happy to share if you want more info - its been a pretty invaluable resource since its super easy to use from your phone or tablet when you're out and about.

Best of luck to you!

A few contractors that I've worked with use an estimating software that has a monthly subscription - mostly for contractors but works well otherwise because it has templates and line-item detailed cost analysis, (then allows you to add a % of whatever labor costs) that our lenders really like. Let me know if you want more info - always happy to help.

Otherwise, as stated above getting multiple bids over time, over different projects is just a part of what you have to do to start getting a semblance of pricing that way - not all contractors are created equal though, so how much detail you'll get depends on their ability.

Best of luck to you!!

Hey, Dan - 

I'm in Indy directly - let me know if I can help!

Welcome to Indiana REI!

I always recommend joining FB/social media groups for out of state investors in the specific locale that you're interested in - but also setting up your keyword alerts under settings here on BP is also helpful for getting notifications for specific topics you're interested in hearing about.

Best of luck to you!

Always make sure to ask if they are licensed and insured - what warranties are applicable for their work, and if they have any references/portfolios of recently completed projects that fit your REI strategy. Also, I find it helpful to ask about their permit process, if applicable, and how long it has been taking for their team to acquire approved permits. This can be a major up front delay so its important to get a clear confirmation of how that will be handled so the project gets off on the right start for your timeline.

I also like to ask how many projects a team takes on at any given time to gauge their level of responsiveness and availability. Establish your preferred communication style and if they are able to provide the type of financial and status updates on the schedule that you need in order to anticipate changes, outcomes, and scheduling on your end. Ask about their familiarity with working with your x type of financing or money flow for the project and if they're familiar or willing to work with x lender based on their requirements for draws or otherwise.

Best of luck to you!!

Welcome to investing in Indiana! We have some robust social media groups on Facebook for local and out-of-state (OOS) investors, where you can get to know the local REI connections and recommendations. Also a great way to get referrals to build your team as well.

Indy is a great mid-west market to get into - best of luck!!