All Forum Posts by: Bill J Fay

6x11 is a small bedroom. Good work on the cost benefit analysis, but I don't think a room that small could quantify the extra $100k in value. If you are seeing comps that are selling with the same bedroom size, then very much could be worth it. If comps are over 70 sq ft/bedroom with more even wall size, you may not get the value expected.

If you are having trouble finding a stager in your area, I would suggest a virtual stage. It is much cheaper and possible in any physical location.

Most lender's submit draws of reimbursement of work completed on the scope of work. Having a change order section is always smart to account for items not on your scope that pop up during construction. Ask your lender if they allow photo submission instead of a physical inspection as well.

Style and color schemes are very market specific. Light colors usually attract a wider pool of buyers. Follow your comps in your area. If you are lost on where to go, ask your Agent if they have a designer in your area they can recommend. 

Make sure you find a GC to has relevant renovation experience with condemned properties in your County. You'll want to work with your GC and the city/county's building department to make sure you are pulling the necessary permits and fixing the condemned issues. The building department will be hands on, and all eyes will be on your project. These projects are definitely more challenging but could be fruitful if you purchased at a discount. 

I recommend exploring BP's "Build your Team - Hard Money Lender's". This will get you in touch with Lenders in your area. As far as contractors, I would ask for recommendations from your Agent. Hopefully you are working with an Investor Friendly Agent. If not, find some here: Find an Agent. My biggest recommendation is to make sure you live close to your first fix and flip. You'll want to be hands on and check in multiple times per week. Good luck!

Reach out to your Agent or Property Manager in your area. Like other's have suggested, very location/price point dependent. 

Sounds like you're in need of mostly labor and dump costs. Think about how long that would take, how many guys, and how much waste you'll have. From there, you can determine a fair price after talking with some crews. 

Sounds like you are just getting started. Finding a lender to finance a ground up construction project will be much harder than a lender to finance a fixer upper when starting either venture. Time value of money will be in favor of a fix and flip as well. Two great strategies, but fix/flip is a much easier barrier of entry. 

All your questions are valid. Renovating properties out of state has many challenges. You have to have your team set up. This is why lenders usually do not lend to novice investors that aren't flipping in their backyard.