All Forum Posts by: Cody Dover

@J Scott

I know how to get on Home Depot's website and calculate how much material I'll need therefore the cost of it. Haven't done a rehab, but it sounds to me I need to get a Contractor out on the place to look at it and go from there. Really just trying to be creative without looking at it first. Would like a good estimate from the Contractor's numbers and the numbers I come up with before stepping foot into it. That way when I do look further into it, I'll know if I over/under budgeted. If that makes sense. Trying to save time to cut time on properties worth looking at.

Both very good replies and thanks for the heads up. The detailed video could do it's justice, but then once I see what needs to be fixed up, I then need to decide whatever formula is out there to plug in certain numbers. Such as if I need to paint these walls, lay this tile down here, etc..

Essentially is there something out there to plug in the square footage of the house to get a round about number of what paint will cost, tile, etc by determining what project needs to be done in what area of the house.

In other words, I need help estimating by intensively looking  (from photos and/or video) at what cost I can ballpark.

Technology is rapidly changing and so is the method of outsourcing work overseas letting Virtual Assistant's do some of the "technician" work. With that, how could one estimate a ballpark rehab cost using pictures and/or just knowing what needs to be done like tile flooring, kitchen, bathroom etc..

Is there a genric formula you can use to come up certain fix ups on a property that I can outsource out to my virtual assistant? Or just for my own knowledge at that.

There are a plethora of lending companies out there that will fund the purchase and rehab cost. Some require higher monthly payments back, others will take it back on the back end of the profits. If the deal is there, the money will too. Just have to dig it up.

Does anyone have experience utilizing the Tax Credit programs backed by HUD. Know some people out of state who got 100% financing through the publish path programs for affordable housing.

If you have any thought on using this would love your input.

Tre Brickley We went to it and bought into their $16k, def some valuable information at the 3 day event, but looking back I wish we took that $16k from Elite and put it toward some down payments of a few cheaper rentals that became available. Now on the flip side spending that much on a program definitely kick started us to get things rolling. I will say you can do it without spending that. I've learned more from talking with people at local REI's and on BiggerPockets. I would save the $ but go in with an open mind and learn what they are telling you. It's definitely an eye opener P.S the BP podcasts are excellent source and reading real estate books as well that cost below $10 and little bit of your time to sit down and read. Don't buy into, good luck!

If you are buying a property through your LLC, is it important to put into a land trust or just use a purchase and sell agreement? If this helps, it is a FSBO will be used as rental.

Any advice would help, thanks!

@Kevin Siedlecki

I'm aggressive on this because of the town it's in and its only 2 hours "out of town" for me. I know the area and a lot of older people live there and a great rental market. The current owner is an out of state investor and wants to retire from land lording. Will have certain contingencies in place for this particular place. They are asking a lower end price but rents out fairly low. Also from what I know about the area and tenants, we wouldn't have to search for new one's and want to remain in place under a new owner.

@Kevin Siedlecki

Love the quotations, you really hit that on point and something I'll consider going into this deal. But as for the contingency inspections, just because it should be fixed but keep in mind, tenants are living in the property now so can't be that bad to where it's a must fix till you'd sell it. Am I on the right track?

I've heard stories when other investors will post properties and advertise it's cash flowing with a tenant already in place to entice others. I just so happen to be pursuing a property that is out of town in which I haven't seen in person that supposedly has a long term tenant. When running the numbers, they fit our criteria. So we're like why not.

 Are their contingencies that can be added to the contract for escape clauses contingent upon a tenant being in place already?

Also when reading more on the property, states minimal damage repairs needed for cosmetics and what not, without having seeing it in person, would this be risky to purchase even after the numbers still cash flow or are their certain escape clauses you can add in there for unexpected cost that the new owner will have to incur keeping the tenant in a safe environment.?