All Forum Posts by: Bob Okenwa

@Pierre Alvarez You should check out the podcasts either on BP or their YouTube page. Plenty of good content about it. The key is to finding a property that already has equity or one you can force equity into through a rehab.

@Mason Aitken There are deals to be had, but you have to do some digging and look at different price points. It isn't easy, but it's do-able.

I'd rent it out. You'd be very lucky to pull 5k-10k out of that deal on a flip based on those numbers.

@Brett QuelchI just read it like 2 weeks ago and will read it again very soon. Super helpful to get you started.

@Josh Cuthbertson I am no contractor nor rehab expert, but for this property a rental, I could see around $10-$15/sq ft as a very, very general estimate. 9 pictures isn't a lot to work with, but it looks like every surface needs to be re-done. As long is it remains cosmetic and doesn't get into systems replacement, it shouldn't be overly fancy or ridiculously expensive. Laminate floors and counters, used appliances, prefab cabinets, fiberglass shower/tub surround, generic faucets, etc. Maybe around 15k-25k. Hard to really say without knowing every issue with the home.

I would suggest you read J Scott's book on estimating rehab costs. Great, informative read for those unsure of how to put a price on fixing a property.

Thanks Jason!

@Jason Bott would you be able to PM me the info as well? Much thanks in advance!

Rentometer gives a decent look at rental comps in a given area given bed and sq ft count but Zillow/Realtor.com, Craigslist etc will give you a more defined look at what is listed in a given area and for how much. 

As @Robert Lorenz stated, Maryvale, South Mountain area, and Tolleson all have newer construction within the last 20 years or so and show good rental potential. 

Also, you may need an EIN from the IRS for tax purposes but that is where the CPA comes in and would be able to better explain a tax strategy with you.

Hi Robert,

I'm in a similar boat myself as I just built my home a few months ago and am in the process of just getting started so congrats on the house and taking the steps to get started. I think if you haven't already done so, you should go about building your team and get in touch with realtors, brokers, handymen, contractors, CPA, etc. Once you can solidify your plan and get the people in place to make that plan work,you'll be in great shape to getting things off the ground. Just my 2 cents. Best of luck!