All Forum Posts by: Tim Henderson

Hi BP, what would you recommend in my scenario: got my license in 2015 and am continuing to sell some real estate in DC area. I intend to get out of it as quick as I can - would like to stick to more of the investing side and get out of the hamster wheel of constantly selling (have done a couple wholesales and a flip). Reaching financial independence in next 5 years is the main goal. Have thought about buying SF's or small 1-4 MF for cashflow. Have also talked to a friend about starting a syndication business since he used to work in that space. Guidance? Suggestions? Advice? I'm all ears.

@Andrew B. I'll look around for that book but I haven't seen it in posts I've read so far.  Most of what I'm seeing in the forums is around getting contractor bids once you have something under contract (with inspection contingency) and negotiating and that whole process.  I am looking for thoughts/tips/tricks on estimating rehab costs in order to inform an offer. 

Thanks!

@Andrew B. right I totally agree, I don't want to disrespect anyone's time.  What would you offer to pay for their time/effort? Or how do you go about estimating your rehab costs without taking a contractor out to a potential property?

Hi BP community,

I am looking into getting into my first deal, looking to do the BRRRR method on a smaller single family in a developing neighborhood.

As I'm looking at properties and analyzing their potential, renovation costs is obviously a huge factor.  I am not a contractor, so what is the etiquette around taking a contractor out to potential properties to get an idea of renovation cost?  I don't want to waste their time because I know that typically there is a small percentage chance on the deal actually working out, but I don't know how else to accurately estimate renovation costs.

I have looked at the rehab estimator tool on BP and try to ballpark it but ultimately I know that I will not know everything, and wouldn't want to botch my first deal off of not accurately planning for reno costs.

Would appreciate any input - thanks!

Investment Info:

Single-family residence fix & flip investment in Alexandria.

Purchase price: $505,000
Sale price: $615,000

Bought as a Subject 2 purchase, no financing. Painted, refinished floors, new appliances, new lights, new carpet.

@Ali Kassam I have a couple options you can try - also work with lots of people in foreclosure. Let me know if you want to talk?

Might want to check out https://www.biggerpockets.com/renewsblog/2013/05/03/driving-for-dollars-bible-part-1/

@Joel Johnson, welcome to BP. I am new like you and would love to connect. I'm also in the Northern VA area!

Team, I got into the real estate industry last year and just recently discovered BiggerPockets a couple months ago. Investing is the most fascinating part of real estate to me - I'm looking to learn from anyone and everyone. If you're in the DC area, I'd love to sit down for coffee and connect!