All Forum Posts by: Jim Kalish

You should really develop at least a working knowledge of rehab costs so you can at analyze a lead to see if you want to get serious. If you keep getting estimates just to get to that point you will burn a lot of bridges with GCs. It takes them a lot of time to prepare even a budget estimate. So eventually they're just going to stop taking your calls if they don't get some work. The books by J Scott others have suggested are a really good start. I have both. 

@Kyle Belles you've done a great job developing your plan and specific goals. Unfortunately right now houses that should be selling for 200k and are worth 200k are selling for 20-30% more at least. And then buyers are submitting offers over asking. Finding something like what you have described is going to be really tough using MLS. I would suggest developing a solid relationship with an investor friendly realtor who can send pocket deals your way. And join one of the local REIA groups so you can meet some wholesalers. Check out your rent as well. Right now they are very high. But be careful if the market slips a little they may drop. Best of luck.

@David Mo Great project to start out with.  Thanks for sharing.  Of course now if you go with a contractor what are you going to do with all those great new tools? :).  We started out doing all the work ourselves.  Unfortunately we didn't learn as fast as you.  Now we have  GC company.  So we hire ourselves.  Best of luck with your new ventures.

First let me congratulate you looking to your future at your age. Well done! As for books the lists above are great. I would add one more. "Buy Rehab Refi Rent Repeat" by David Greene. It's called the BRRRR method. Also, in addition to reading, which is a great way to learn, Bigger Pockets offer great webinars. They are free. Take advantage of them. If you have a Real Estate Investor Association, REIA, in your area check it out. Call them to ask if you can attend a meeting or 2 for free before buying in. If you go just watch to see who everyone is trying to talk to. Then introduce yourself and tell him your story. Have a short 1 minute speech ready. This is called an elevator speech. It introduces you and your goals quickly. You may run into someone who would be willing to be a mentor. But watch out for guys who want to charge you Nick bucks. When you are ready offer to work for them in exchange for their help.

Goos luck. Let us know how you are doing. 

Wow, great job! If you aren't a project manager, you could be. I made some comments and suggestions and highlighted them in yellow. I didn't do any spell check because I hate when I ask someone to look at content and they go right for the English teacher angle. I hope this helps.  As soon as you accept my connection invite I can send you the file.

That's easy.  I just clicked on it

Sorry @Chelsea Gatewood I can't get into the folder

According to the SBA the total cost to an employer of a full time person is 1.25 to 1.4 times his salary.  https://www.sba.gov/blog/how-m...  The investors I know all hire subs or 1099 employees.  One thing to be watch out for is how you treat the contactor.  I don't mean things like treat him with respect, etc.  That's a given.  Its things like telling him when to show up and when to go home, telling him exactly what to do and in what order, supplying tools.  If you do then the labor board and the IRS could consider him an employee.  https://www.score.org/resource...  And then you can run into all sorts of problems like if he worked more than 40 hours did you pay him OT, do you have workman's comp, did you pay FICA and withholding taxes to the government.  

Not sure how much experience you have doing a greenfield project but 2 guys building an entire house is really big undertaking, even if you sub out the trades.

Best of luck.

@David Kuhlkue my accountant takes care of the depreciation calculation. He uses QB as his data entry source for my business returns. . 

@David E. One last comment and then I think if I go any further I'll start sounding like a fanboy.  I just completed the training and am still very satisfied.  I learned a lot and have all the docs and supporting videos that I can look at again.  There is 19 hours of video training and probably close to 100 documents to review.  Sounds like the amount of content you would get a a weekend boot camp.  So be prepared to devote the time needed to go through it all.  But all but a couple of hours are presented by @Cody Sperber.  So you aren't getting it second hand from hired staff.  And Cody is one of those guys that is immediately likeable and has a very good presence on video.  The other couple of hours are his attorney, Bill Bronchick.  Depending on where you're from may impact your impression of Bill.  I'm from NY so Bill's direct and to the point way of speaking is what I grew up on and I'm told that's my style as well.  So if that's your style you would enjoy his portions as well.  Now that I live in the south I find that a lot of folks here are a little put off by that style.  Thy find it a little brusk.  I wouldn't have it any other way.  So that's my take on this training.  This isn't an endorsement, just my opinion.  I'm glad I bought it.  Everyone will need to make their decision.