Hesitant Long Distance Investor

[Account Closed]

Hey everyone, I'm new to real estate and the bigger pockets forum! I've just gotten started deep diving into BP books, podcasts etc, and have also just started analyzing some deals. I am primarily looking at long distance investments, since I am based out of NYC. I have family in the Orlando area, so have primarily started looking at deals there while visiting this month. I have saved enough $ to begin making offers and know the area well, but my biggest hesitation is being unsure of what the repair costs are going to take on a property and if I'll be able to manage it from a distance. I can imagine the ARV by looking at comps, but don't know where to start with figuring out a good estimate for what the repairs will take. Do I need a contractor to do this for me? A good agent? How am I sure they are accurate? I'm also quite nervous to take on a "project" as my first long distance investment/investment in general. Any advice on getting a better sense of what the rehab is going to cost? Also any advice on if I should stay away from rehabs as a long distance investor? It seems like the only way to make any cashflow given the over heated market.

[Shawn McCormick]

Hi @Account Closed If you are still in town, would be happy to meet up and discuss your strategy and see if I can help. I've flipped several homes and evaluated hundreds for repair estimates. I am not a contractor, but most bread and butter homes are pretty easy to estimate unless you get into structural or foundation issues.

I have several great GC and handyman contacts as well as independents for cabinets, flooring, windows, roofs, paint etc if you plan to self manage the project. I have done one long distance rehab (Floirda>Ohio) and just completed that. It does present many challenges, but you can get thru it with some good contacts locally.

Reach out and lets see if we can get you some answers and pointed in the right direction. Good luck and welcome to BP!