All Forum Posts by: Jason Shaffner

Hey Rehab.

Welcome to the forum.

Sounds like you have a good plan, you're building a team and more importantly, you know what you don't know.

What Wesley was referring to was the estimating skills of some of the posters on this site. There was a post a month or so ago that asked about putting on a second story, rehabbing a kitchen and a bath for around $15k. The point is to learn what labor and materials and time cost for you in your area. When you look at a rehab you should be able to do most the repair estimates in your head or on paper right there. You should know what it costs to paint a 10x10 room, hang a door, install various types of flooring, re-do a roof etc etc etc. Then you can wiegh the DIY vs. the pro. Time vs. Money.

Either way, you can learn a great deal on this site and there are a great number of very knowledgable people here who like to help.

Good Luck,

NavyDoc

Hey vdini,

You either need a good GC (general contractor) on your team or an inspector. Most free estimates are based on the potential to get the work. Since you are assigning this, there is no work to be had.

If you are looking to wholesale this, basically you need an inspector and/or you need to learn what to look for. Probably the most important things to check are the structure and the systems. The structure is framing, foundation, insulation, roof etc etc etc. The systems are HVAC, electrical and plumbing. Your deal has to account for the condition of these at the bare minimum because they are the hardest to find and the hardest to fix if they're bad.

Any investor that is going to pick this up from you will want to know all of this. So hire an inspector and buy right. Don't guess.

Good Luck,

NavyDoc

Hey tucker,

Like most things, the answer is ... it depends.

It depends on ... what your interests are. Do you want to be a landlord? Do you want to rehab ... buy, fix and sell? Do you want to wholesale or birddog for other investors ... find the deals for them?

It depends on ... what your financial condition is. Both available cash and credit.

It depends on ... your free time. If you're working 40 to 60 hours a week at a full time job, will you be willing to give up nights and weekends towards this end goal?

My advice, do what you said, join the local REI club. Listen and ask questions.

As for your specific question, condo or multi-family, I prefer SFH's (Single Family Homes) as rentals just because they are easier to sell if need be. If you are just looking to get your feet wet, I would think about how to get out almost as much as how to get in. If you don't have the time, interest or money to do this, or you lose any of the three, you want to be able to get out relatively unscathed.

Good Luck,

NavyDoc

Hey Minna,

Borrowed money is a tool, no different than a hammer or an air compressor. It can do wonders when used properly ... and when used improperly.

You said ...

Then you said ...

IMHO ... January is not that far away. 1. Don't get what allcash calls 'gottadoadealitis'. 2. It looks like you're 'almost no cash' issue will be eased within the next four months or so.

You're already in the game. You have a rental and a fixer upper. Spend your time learning how it all works and developing an overall plan for what you already have. By that time, you'll have some cash to operate with and a better idea of what you want to do. If I highjack noob's numbers, you should have 25k in cash, a rental and a rehab, all by the end of January 2007. You could build an empire with that kind of start.

Good Luck,

NavyDoc

Hello Darrick and welcome to the forum.

You sound like you'll be a great resource for this site.

Good Luck,

NavyDoc

Hello Rama and welcome to the forum.

Good Luck,

NavyDoc

Hello Phu and welcome to the forum.

To echo what Chris said ... keep reading and keep learning.

Also ... your credit score. It's easier to keep up than to catch up.

Good Luck,

NavyDoc

Hello Wes and welcome to the forum.

Good Luck,

NavyDoc

Hello B. Welcome to the forum.

Good luck with your sales.

Good Luck,

NavyDoc

Hello k2 and welcome to the forum.

Where in PA are you looking?

Good Luck,

NavyDoc