Accurate expense calculating

[Luwani N.]

Hello BP,

I am a new investor. I live in North Carolina, but I am an Over-the-road truck driver. Since I'm not near my market often, I have decided to educate myself as much as possible while raising capital. I started to work on deal analysis and realized that I do not have an accurate list of expenses that are normal for North Carolina. I am currently using the list in chapter 5 of The Book on Rental Property Investing. Are the expenses listed adequate for most of NC? If not where can I find a good list? 

Luwani

[Kase Knochenhauer]

@Luwani N. - two quick tips:

1. Treat a contractor to lunch in exchange for a quote for a renovation. Meet him there and ask him lots of questions. Tell him your story and give him your vision. You'll learn a ton, gain a relationship, and have a potential flip crew when you find your first property.

2. Check out HomeAdvisors calculator (https://www.homeadvisor.com/cost/). It's not perfect, but it gives you a general idea of what each type of repair would cost. Compare these expenses to the book and see how they come out. 

Good luck on your first flip!