All Forum Posts by: Corbett Brasington

As a new investor I am not at a place where I can estimate rehab within any real level of confidence. There is a matrix I like from Jeffery Norton that uses the ppsf method and I think that is a good place to start as he has the numbers updated for 2021....however, for my own comfort I want a few GCs to go boots on ground after I have locked in a property through a contingent offer. While inspectors can tell me what needs to be fixed that is not the same as here is what is needed to bring the ARV to look like XXXXX.

In my market its very competitive (San Antonio, TX) to the point that I am going to focus on OFF MARKET leads, but the on market are helping me learn and get my reps in.  

As I don't have GC relationships I trust yet what is a reasonable amount of time from "hey I dont know you" to they show up and bid?   I can wait to build GC relationships until I have a deal but the option window is only 7 business days I am concerned that is not enough time to contact, prequalify, have them avail to bid, and get back to me with a bid all while still working my day job.

Also an enormous amount of GCs that I talk to are not registered with the city to pull permits.  These come from referrals. 

1/3 of the GCs I talked to said something similar to this "oh its my partner, who actually has a different company, that the registration is threw."  @Rick Pozos

So I have been building the foundation for my real estate investing practice for about 6 weeks aggressively now mainly just learning but also taking massive action.  Getting capital and funding squared away, connecting and prequalifying GCs, analyzing deals, going on site of properties with GCs to understand costs, networking, etc.  All while working a demanding jobs (great who cares....we all have to do that starting)....  but what I wanted to share was this.  My initial motivation to go down this path came from something to run away from.  And that is that real freedom requires wealth, and in a capitalist society the only people who can attain that are entrepreneurs and investors.  So, I set a goal for myself to be able to quit my job and have passive income enough to replace it within 5 years.

Through the long hours of learning, networking etc the motivation and attraction of "in 5 years I don't have to work....at all" very much lost its luster.  It didn't pull me at all towards it and I could not figure out why.

After a few days of meditation, journaling, and self reflection I came to a conclusion. What I want is not actually freedom FROM work (because I very much like solving problems, building systems, creating teams and growing people and businesses), what I want freedom in HOW I work, WHO I work with, and WITHOUT A CAP ON MY INCOME that comes from being an employee.

While this is certainly not the full "compelling why" its is a foundational part for me as it relates to understanding myself and living in line with my personal value.  This clarity of self has given me a stronger thing to run towards instead of away from.

If anyone else is experiencing something similar I hope this adds value.

Lots of posts on how to qualify GCs but what about a good attorney?  Referrals are great (and any are welcome in the San Antonio, TX area) but what should I want to know?  The practice areas I want are:

- Real estate (title stuff, real estate contracts)

- Business Law (GC contracts, incorporation etc)

@Betty Cruz I get a 404 not found error with that link

So, per the city the GC needs to registered with them but every GC I put into https://www.sanantonio.gov/DSD...  pulls up nothing.  I even tried to look up GC companies that come up in google and in angies list and none of them appear in the cities contractor search site.  

To anyone who has done rehabs in san Antonio what site did you use to verify GC liscenses?

I have a home under contract that only has window units. The area is going through lots of gentrification and the rehabs all have central air or minisplits depending on their size. My goal is to BRRRR this property so getting a higher value ARV is important.

Which has a better impact on ARV?

Curious how people have handled this in the past?  My initial though is....dumpster everything but jewelry as I don't want to deal with the time it take to sort things.

Can you donate it and get a huge write off from good will?

@Mark Buskuhl I did, but as a newbie I am still looking to learn as much as I go.   I have a good sense for how to analyze a deal (minus the rehab part...which...that is a big part), how to find them off market, but I have not yet build the GC relationships I need yet.

@Richard A Young I was not.  I think that means that flood insurance is required by law or something yes?