All Forum Posts by: Tim Mcbee

Check out the townhomes around Arlington Dr. They seem affordable and provide good rental value. Only issue would be size if you're looking dual master suites or something more private. 

@Anthony Collins

I'm sure you have heard this before but I would get a detailed list of the time in the form of potential hours on EACH deal to even out the splits.

If you read/listen to E-Myth Revisited it explains how to be prepared in a partnership.

@Matthew Otero

@Greg Dickerson

I think Greg is spot on. If you hire an inspector who may also be a contractor he can give you budget pricing to act as a guide and also recommend a good contractor. Just know that most states do not allow the inspector to perform work on a home they inspected for at least a year.

@Brandi J.

There is a bunch of good pointers.

I would add that you should be mindful of 50% rule. Most municipalities require you to bring everything up to code if you repair more than 50% of the homes value. More importantly, I have found when doing major foundation work that not many structural engineers will sign off on pre-existing foundations with new framing anchored to it. And with that 50% rule that also includes the foundation...

@Jennifer Edwards

I agree. Get the J Scott book. Hard copy because you need his lists. Then find the highest rated contractor in your area THAT WILL TAKE TIME TO WORK WITH YOU as a newbie. Offer to pay him for his estimating time because he will need to teach you the why's, potentials, and beware of these items.

Good luck. Its painful at first but once you have it systematized you will be grateful.

Also call me if you want to chat. I could send you some of my lists to start but just know it is important to get local costs.

@Jess Haas

Depending on what those four layers are this could be pretty extensive in the tear off portion / removal. This could drive the price up by what I would expect as 30%-50%.

When looking for a roofer first get a local to recommend someone. Whether you have that or not then the next thing is vital. FIND A GUY WHO IS THE ROOFER. What I mean is not a "paper" contractor, as in he will be up on the roof with HIS crew. Now that the industry is so busy there are a lot of guys out there pimping out labor. This is where the middle man markup gets inflated, repairs to bad work gets delayed, and where quality goes out the window.

Great job in seeking advice. Keep researching the pit falls and decide with confidence and you will do great!

I've looked at several opportunities in all areas of Charleston. I'm renovating a few duplexes now for investors in West Ashley. The renovation is only $20k each. Point being is to not be afraid to take on the renovation or even break the space to have multiple units 

Todd, this sounds like a great entry plan. I would say Charleston still has some entry market homes. I've been helping investors flip their deals straight off the MLS. I know the margin may be a little lower but if you build the right system it will work here. Good luck

Usually what I tell my customers is to go to the local Sherwin Williams and grab one of their brochures that has the 3 color or 2 color selections already picked and use that. The paint business is a multibillion dollar industry, don't reinvent the wheel, use what their professionals have tested and proved works as a color matchup

Unknown #1: Time selecting finishes. I would start with some kind of template: look here or online about colors that work, flooring and lines of lights and fixtures that will remain as thoughtless decision in the finish selection process. It is extremely helpful for your contractor to know all of this up front. Unknown #2: Here in Charleston it is not knowing what is under the house! Have a inspector come by and do a pre-purchase inspection. I do it by the hour and it usually runs $100 for 1.5hrs. This helps know if it is a major foundation issue or just anything that the inspector will find when you go to sell. Unknown #3: Knowing what kind of selections for your ARV market. Although granite is cheap these days, you don't always have to have the extra costs in when the buyer doesn't necessarily card if it is granite or Formica. Message me if you ever want to develop for Q&A