All Forum Posts by: Bill J Fay

If you have the time, knowledge and connections, being your own GC can save you $. If the $ saved is worth your time and risk, it's a great strategy. I would recommend to have a licensed GC on standby to help if subs pull out or permits are required.

It a great tool to use if you are tight on your budget. If there are any awkward spaces, I would work with a stager to help potential buyers envision the space in real life. If you go the virtual route, I would print out the listing photos so buyers can envision IRL.

You've come to the right place to gain general knowledge. However, you are going to want to attend as many local meet ups in your market as possible. This is where you will connect with contractors, agents, and other investors that are willing to share what works for them in your market.

I would recommend hiring a very experienced and legit General Contractor to lean on for your 1st project. They are going to be able to navigate unexpected issues and guide you through the project. 

At this point, your listings are stale. I would take off the market and explore keeping it a rental or put back on the market with a refreshed listing. 

Don't fall for their marketing attempt. But, sounds like you already got your new roof "free" with seller credits. 

Yes, your math is correct. Adjust for vacancy with you not being able to rent it out during that time as well. One comp is great, but I would look for another to confirm value. 

Did you get red tagged? Are you using a GC? 

Check out BP's tab: Find a Hard Money Lender - Best Hard Money Lenders Near Me (biggerpockets.com).

As others have suggested, the price point will be the tough ask. Most lender's start at $75k on the purchase. Make sure you dial in your renovation budget when purchasing cheap properties. One change order and your expense percentage jumps quite dramatically.

If you aren't moving drain lines, a handyman should be able to knock that out for you cheaper than a plumber. If you are moving drain/water lines, call a plumber.

All about your comps. Is the value there to justify the $40k spent in reno? Do all homes in your area have large primary bathrooms? Do they have 3 bathrooms? Make sure to get a few bids for this job. $40k seems excessive for this type of project.