All Forum Posts by: Dustin P.

You can always call the contractor and get a feel for his pricing over the phone. Send him pictures of the comps, get rough estimations on what he charges per square foot for paint, what he charges per square foot for different types of flooring, how much per box for cabinets, how much per square foot for countertops, etc.

If a contractor can't give you a ballpark estimate over the phone for different line items, I wouldn't waste the time to get a bid from them.

All 3. I have a hard time believing that someone willing to work hard/hustle and with a wealth of knowledge has no money, that doesn't add up.

It boggles my mind how people on this site want to buy properties at 70% of ARV minus repairs while at the same time wanting to make sure the home owner gets ever penny a house is worth.

Does this include the 9-12% fees they charge and the $20,000+ in repair credits that don't show up on the tax records?

Clever way to show a "net loss"

 I'm willing to bet that there are more instances of contractors burning investors than the other way around. It's a tough situation overall because everyone will always talk a big game. Unfortunately you just have to keep trying different people until you find the ones that work and then never let them go. Definitely the hardest part about the whole process. 

I think it's useful to be handy if only for being able to know what it should look like as others have said. There's a reason a GC can quote a brand new, seminar fresh investor $100k for a remodel that should only cost $50k. That person doesn't know what goes into everything, what the cost really is, what material costs are, etc. Why would you pay a GC $8k for new cabinets for example when you know you can buy them yourself for $3k and pay an installer a fraction of their cost? The GC is banking on you not knowing or being comfortable with the process. Just as an example

 Great post, I'd take 32k any day

@Matt Hudson Why don't you pick a property like this one and flip it rather than trying to find the perfect BRRR that probably doesn't exist in your market?

Especially if you haven't done a deal yet, you'll learn a lot from your first flip. How to run contractors, what your estimated repairs vs. actual remodel budget looks like, how to deal with appraisers, agents, it's really a great learning experience.

Even if you break even, you just got a great education that people pay companies like fortune builders $40k for without ever doing a deal. If you make some money on it, consider it a bonus!

Just my 2 cents

@Account Closed stole my answer

Richard Keyt is awesome, he's set up several of my LLCS, nothing but good things to say about him and the price is very reasonable

@Shiloh Lundahl has a meet-up in Mesa that I believe meets every month?

You can also go to the Phoenix REIA and AZREIA, they typically have meetings once a month as well as several sub-group meetings per month