All Forum Posts by: Alora Glaze

I understand the struggle!
Try joining local Facebook/Instagram groups for investors/contractors - see what recommendations you can receive and what relationships you can build. You may find an independent GC or subs who would be willing to take on smaller 5-10k jobs to get a property rent-ready and you can build up from there.
Just make sure to always work with licensed and insured professionals!

Best of luck to you!!

Happy to share what I use for estimating rehab costs - there isn't a fool proof way to do it but it comes pretty close considering you'll want updated pricing for line-items regularly verse having to do a bunch a work to research recent prices every single time for every single property.

Always your best bet is to create a scope of work - as mentioned above, a list of all the obvious items that need attention that you can visually see or know from an inspection report. Get a licensed and insured contractor in there to view the scope and property to inspect for mechanicals and electrical repairs. Few contractors will be able to provide an approximation via photos through e-mail, so on-site walk-throughs are best. You may be able to make a relationship or two where you can shoot them photos and they can let you know if its worth pursuing but that will be few and far between.

If you get stuck - that's when you know you need to branch out and make some connections to help sort through the overwhelming amount of information you can get into when you're first starting out.
Join your local investor groups and get referrals to contractors to are familiar with working on investment properties and can help steer you the right way or another without the commitment of a showing or otherwise. Also, connecting with a realtor in REI will also help you with crunching ARV numbers and making sure your offer makes sense with the property value and potential rehab budget.

But always, the best teacher is experience - so don't get stuck in analysis paralysis! Do you due diligence and move forward or move on - you got this!!

Best of luck!!

Welcome!

Definitely make sure to add your keyword alerts under settings so you can be notified of happenings in your investing locale or topics that you'd like to follow and read up on.
Furthermore, there is value in joining other social media groups for local or out of state investors in the area of your choosing - easier to get referrals and new leads. Just always make sure to vet those you add to your team - licensed/insured and with references.

Best of luck to you!!

If you need help calculating numbers - happy to connect and divulge a best kept secret or two.

But always make sure to walk the property with the contractor - vet to make sure they're licensed, insured and with references is your best bet.

Best of luck to you!!

I'm sure folks find a way to manage OOS investments solo - but, especially if you're lacking in knowledge, it isn't always the most efficient or the best way to do it in order to be profitable. Time is money, that includes your time also!
Research your market, join social media groups for OOS investors in that locale - then get referred to an REI realtor or PM who can then continue to provide referrals/suggestions. Always work with licensed and insured contacts - ask for references also, never hurts to be diligent when looking at options to build out a team.

Best of luck to you!!

Being an OOS investor isn't as scary as some make it out to be - just takes a bit more research and a bit more due diligence in order to properly vet resources (i.e. realtor, property manager, contractors, etc.) Just save yourself a hassle and make sure to work with only licensed and insured professionals - the accountability helps since there are a slew of virtual unlicensed wholesalers out there that moonlight as real estate investment consultants... it can get a bit precarious once you go down that route. Furthermore on this point, don't be afraid to ask for references!

I always advocate for joining investor groups on social media (Facebook) for that locale or region that you're interested in. You'll be able to make REI contacts more quickly that way - that includes seeing when virtual meet-ups are or who/what areas to avoid.

Best of luck with your journey!! 

You'll want to be on the ground out there due to the vacancies and empty spots around town. You can get great deals there but your appreciation and long-term growth may not be as prominent - I would absolutely look in surrounding areas if you're trying to stick with the northwest of Indy.
Otherwise, before you confirm - ask around with a realtor and get local knowledge from them and see what your best options are.

 Best of luck to you!

Simply Safe systems are great to use so long as you keep the electricity on.
Otherwise, if you have boots-on-the-grounds, PM, Realtor, etc. that can pop by regularly to check locks and show that the property is being checked on.

You can install live, or dummy cameras, on the exterior of the property as a deterrent as well.

Best of luck to you!!

If you're just starting out and wanting to get into multi-family, then I would suggest looking and 'driving for dollars' to find one. A pre-existing structure will mitigate a lot of the issues Becca, above, mentions - particularly with zoning and permit which can get expensive and be a lengthy time-process (time is money).

You'll need to find a boots-on-the-ground or a contractor that can handle multiple units - you may be able to find this resource through vetting a property management company or by joining social media groups for investors in that area.

Always work with licenses, insured, and referred folks - from the contractor to the realtor to the PM etc.

Best of luck to you!!

Originally posted by @Bruce Woodruff:

@Joe Latson Of course, great topic and one that needs a huge amount of attention. We get at least one post a week from an investor or homeowner whining about their Contractor. When they get asked about their SOW and Contract and what do they say....they usually admit they have neither of these....

And partially kidding I must take offense with one thing you said:
"Every SOW should do the all important job of holding your general contractor and subcontractors accountable."

That's funny because I and other Contractors always thought the SOW was to keep the customer accountable :-)  They were always the problem in my many years of experience...... 

^ This made me laugh - I have to agree, if you're working with a contractor that isn't already providing either a detailed line-item estimate and/or an SOW with selections and finishes - then you probably aren't working with a licensed/insured and referred contractor. The contracts are there to protect the contractor just as much as the client.
Good points though for accountability on both ends!!