All Forum Posts by: Thomas Stanley

Hey BP,

**Reposting this in the right forum :)***

Read J Scott's book on estimating rehab costs and was inspired to take his sheet (Thanks J) and put my touches on it. Enjoy!

Also interested in crowd-sourcing feedback on the sheet itself and on the estimation process in general. By my count there are ~120 lines of input per room, just feels clunky. It seems like you'd be walking through a property for hours to actually get all this info written down.

Anyone with experience here care to share their tips and tricks? Any 80/20 rules apply here?

Rehab Estimation Sheet

@Account Closed I agree its really dense - thanks for having a look.

Hey BP,

Read J Scott's book on estimating rehab costs and was inspired to take his sheet (Thanks J) and put my touches on it.  Enjoy!

Also interested in crowd-sourcing feedback on the sheet itself and on the estimation process in general.  By my count there are ~120 lines of input per room, just feels clunky.  It seems like you'd be walking through a property for hours to actually get all this info written down.

Anyone with experience here care to share their tips and tricks?  Any 80/20 rules developed here?

Rehab Estimation Sheet

@John Warren, that is great advice!  I love it.

Thanks!

Rockstar Contractors: what i’d love to know is how you find them, how you screen for them, how you weed them out? How do you empower and protect yourself - do you include due dates, late penalties, etc in your contract documents?

Conversely - what are some red flags that you may be talking to a contractor who you shouldn’t work with.

Any tips, techniques, tricks, points, questions, would love to hear ‘em.

Hi everyone,

I ‘grew up’ as a renter in the Boston MA market where a 9/1 move in was king.

I’m getting into the RI market as an investor in the coming month and wanted to ask if there is a similar lease cycle there?

Does anyone have any input into a more or less common month to start leases - specifically in Lincoln if you’re local.

Thank,

Tom

Would love to hear everyone’s systems, processes, etc:

Imagine you are one week out from closing - let’s say on a MF property with some units occupied and some vacant.

What is on your checklist to get ready for closing and what are you doing on that first day and first week of owning the property?

BP - I'd love to share my whole story with you right here, but the post would be too long and no one would read it through and through (not even me!).

Instead I have a simple question for you:  What TWO things can you do THIS WEEKEND to get closer to that first (or next) deal?

Thanks @Greg Scott,

I figured that was the case RE inspectors calling out minuscule things (down to a light bulb out).  Appreciate hearing it from you as well.

Also - feeling good about your advice as I had already gone through the summary of items and organized them in just about that fashion.

Appreciate you taking the time to share!

Tom

Hi Everyone - a question here.  I had an offer accepted on a first income property and just left the inspection/got the report.  Needless to say (as I wouldn't be writing this if there were no issues) there were many things found.  Some really big and some just minor and cosmetic.  Two part question:

1) Is this normal?  Do your inspections normally turn up a seemingly huge laundry list of issues - big, small, cosmetic, safety hazards, etc.?

2) What are your strategies for negotiating based on the findings?  Price reduction, seller to complete work, etc.  One concern on my mind is cash out of pocket.  For example, a $15k price drop because the property needs $15k worth of sounds great - but the translation there is that I need to also come up with $15k to have the work done - more $ out of pocket. 

Thanks for any and all input, suggestions, negotiation outcomes I may not be aware of, etc.

Tom