Buying houses that need a lot of work?

[Janine Covello]

Hi All!

New investor here, have bought two houses in Philadelphia this year, but both in pretty solid condition/only needed a few things that were easy to budget. 

I have seen some interesting places in my search though, places that seem to have "Good bones" but need a lot of work, and honestly because of my inexperience, I have decided FOR NOW they aren't for me- but I'd like to learn more about major rehab work for the future. 

1. How did you take that step from more or less ready to rent places, to major rehab places? What books were helpful? Did you need a construction background? 

2. Contractor screenings- what are your must ask questions when you start getting contractor quotes? How do you structure your payments and deposits to minimize risk?

3. I have found that I learn best by doing! (I think a lot of people do)- throwing it out there, are there any experienced investors who are working on any flips or major renovations for buy and hold that would be open to going in on a deal with someone new in Q3 or Q4? I don't bring any experience on the construction side to the table, but I am flexible about being able to visit job site, I am a great communicator, can make calls, do research, and I have the cash to finance the deal depending on budget :)

Would love any feedback/advice from more experienced investors! Thanks guys.