All Forum Posts by: Richard Pastor

 Is that investment loans?

Thank you all for the advice.

@Mathew Pezon how would I get bids from contractors before closing on the property? I assume they will want to walk the property to give a accurate bid. Lets say I want a bid on paint. How will the painting contractor be able to bid that? I assume he would need to access the inside to see how much prep work needs to be done. Do I ask my realtor to let him in? If I do then does she need to go back 3 times for each bid? That is just one area of work. I would need flooring, countertops, bath remodel, demo etc. I understand the realtor needs to earn her money but I feel I am asking a lot. 

Hi Everyone!

I am just starting out in my BRRRR adventure. I do own one paid off rental with a value of $450,000 that brings in $2,100 a month. Rent should be $2,800 and I am working on getting the rent up to that amount. I will use this property to finance the deal. I am looking at a townhouse with a asking price of 300k and the ARV of 415k. Area has new construction mixed with older homes. Decent schools and great public transportation. Rent should be around $2500 to $2800. The problem I am running into is how do I budget for my reno? I have read the book Estimating Rehab Cost but I feel its not right for my area or outdated. Basically I have no idea where to start and have no idea if my estimate is even in the ballpark. I am thinking 60k. Here is a link to the property. https://www.realtor.com/realestateandhomes-detail/6645-NE-6t...Thank you in advance for any info.