Anyone willing to let me tagalong?

Question

Here's a crazy thought ..not sure if this has much merit, but I'm just rolling with this sudden thought that is cascading through my mind ..

I'm a newbie, haven't done my first deal yet, but I feel like I am fairly well underway with the "pre-deal" education. That means, I know a lot of things "in theory" but nothing in practice.

You guys/gals that rehab and flip/rent for a living, (or at least a lot) ..would you be willing to entertain a newbie for 2 or 3 days to observe and learn?

I'm not sure if this would be effective, given the time frame of the whole process.

So, the questions are:

1) Is there anything to be learned through this?
2) Given a 2 or 3 day window (weekend, or weekdays) what part of the process do you think a noob might learn the most from observing first hand? (rehab estimation, etc.?)
3) Would you be willing to do this out of the kindness of your heart, or some compensation necessary?

Thanks, Bryan

Mike H. · Answer

To me, the most obvious effort you'd want to participate is the actual showings of the homes they're looking at.

They can share the current price of the house, go through the rehab items and how they're figuring estimates, and then tell you what their rent estimate might be.

They can also show you things in the house that will make it rent fast or slow (i.e. small kitchen, large kitchen, huge great room, etc) and what they would do to make it pop (i.e. new countertops even if the laminate ones are ok, etc)

I have a friend thats investing and he has asked me to take a look at a couple of the houses he was interested in. Funny thing is, he knows more about construction than I ever will. But I think he just wanted to know if the numbers he was looking at made sense and if he was missing any gotchas.

There is something to be said for doing your first few deals and the lack of confidence in pulling the trigger.

Sometimes, when you come across a good deal in the beginning, you tend to talk yourself out of it more than anything (i.e. If the deal was so good, why didn't someone else already do it?)

Bill Gulley · Answer

Bryan, not sure where you are, we have folks in Austin, Houston and Dallas and they also have REI meetings. I suggest you go to a meeting and offer to assist them, put out signs, flyers, carry paint, whatever in exchange for a little car time. If you're scraping paint off a window for them they will probably answer questions while you work! :)

Will Barnard · Answer

I believe that learning from experience is the best teacher and getting that experience from another investor (by shadowing him/her) is the best way to avoid the school of hard knocks.

I also posted in the linked thread Jeff posted in his thread above me.

Jeff S. · Answer

You’re on the right track Bryan Ingram, but why not take a slightly different approach. In my view, this was one of the best posts on the topic here on BP, by someone making a similar request.

Don’t pay someone to allow you to do this; offer your help.

Jeff

Tony T. · Answer

Move into your 1st rehab as your residence. Living there will let you take your time and learn/research all the things you'd need to know. If you live there 2 years, then selling will ALSO give you profits that are totally tax free!

You should be able to purchase another rehab while in your residence since you've improved the appraisal dramatically (if you made a good pick).

Account Closed · Answer

@Jeff S @Bill Gulley @Will Barnard

Thanks, guys. These are all great responses, and right in line with what I was thinking.

I like Will's description- the main idea is to take a few less lumps from the school of hard knocks by seeing things in action first hand.

In my particular circumstances, I don't have as much time as the poster @Jeff S referenced, but nonetheless, I don't mind being a gopher/helper/carwasher for a few days in exchange for some education.

Thanks for pointers!

Anyone willing to let me tagalong?

Anyone willing to let me tagalong?

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