All Forum Posts by: Megan Caywood

If you snd me a message, I can connect you with Matt Fisser @ The Walton Group in Ft Worth. He is very helpful and worth an interview.

Really good contractors is the pot of gold at the end of the Lucky Charms rainbow you see on their cereal box. Seriously, Lucky Charms was made for REI. Arguably, one of the most daunting and time consuming tasks involved with rehabs, is finding your contractors.

1. At the bank. You can find a contractor anywhere you go. I was standing in line at Chase bank and I noticed a guy get out of his pickup... OK maybe I sized him up, but I was right, he was a contractor with a trade. It was a good lead.

2. Through your kids -- I was dropping off my daughter's friend one afternoon and the family was having work done to their home. I invited myself in mid rehab (seriously) to check out the work. I met with the contractor. It was a good lead. Note: They knew me and were extremely gracious to have me look- I did not just push her aside and run in.

3. Referral from another really good contractor-- really good contractors will only refer other contractors whose work they are familiar with. Key words here are "really good"

4. Driving by new build home job sites-- I always felt a bit uneasy walking on a job site and saying "hey how's it hanging?" or "Eyyyyy que pasa!" But I have heard from fellow investors this works out 90% of the time. Those are pretty good odds. These guys you have to monitor and tell what to do-- but they do it well.

5. Angie's List or Houzz-- I have attended the Houzz presentations and took a photo of the sign in sheet after everyone else signed in... can I do that... I dunno, but I did. I do not have any experience with the actual contractors. Angie's List has worked out well for me. I can read others reviews, they are graded, sometimes reviews have the amount of the job listed. I think it's a great resource to have access to.

6. Church-- Can I get an AMEN! This can go two ways, really awesome or really badly. It's always worked out well for me. They are honest, hard working, and let's be real, you know the same community of people they do, including the man upstairs... this is not a job they want to go badly. I'm sure it's happened, but just another avenue.

LASTLY-- regardless of how I find them, I ALWAYS ask for at least 3 referrals for the most recent jobs they have completed and CALL those references. I ask if they showed up on time or when they said they would, did they complete the work, did they try to change the $$ amount mid work or after it was done, and would you use them again.

It seems like a lot of steps because it is. However, really good contractors is crucial to how smoothly you want your rehab to go.

@Adam Wright

Unfortunately I am not able to make this Saturday, but if you're hosting these the second Sat of every month, I can make next month.

I'm partial to the hoodie-- nice job BP.

Allen has grown significantly in the past 5 years. I don't know much about rentals and their school district so I don't have much advice to offer. Keller has exploded! The Keller ISD is well sought after for parents with kids. I would estimate rentals go on avg $1/ per sq ft. I don't have an exact occupancy rate, but I would venture to say it's near 95%. Most homes don't stay on the market to long before it's snagged up.

@Bill Gulley  I am so happy you started this thread. 

@Chris K.  I was crying with the cat photos it was so hysterical.

@Brandon Turner  I think they sort of already have movie about this with Bradley Cooper called Limitless....but in the end if he keeps it up he has to die.... hmmmm

Any luck? Have you tried posting on CL? I have a few colleagues that say they do get a lot of replies, but have found several reliable bird dogs as well.

Jeff,

If you're looking for referrals on title companies, feel free to send me a message and I can share a few with you.

Definitely follow @Hattie Dizmond's advice on estimating repair costs and purchase the The Book on Flipping Houses and Estimating Rehab Costs. Approx 500 pages total in case your thinking "oh I'll download then print it out."

If you are looking to get comps, check out MetroTex. You can sign up to access comps without being a realtor. Granted, you are going to pay for it too, but if that's an option for you, check it out.

Thank you @Elizabeth Colegrove for the tip on people's blogs!