All Forum Posts by: Corbett Brasington

@Aaron Bihl ty!  This GC is the first one I have connected with and I have not vetted him in any real way.  That said I need to figure out a way to do that.

@Brendon Pishny are you suggesting that I make contingent offers based on some base assumptions landing...make sure that contingent offer is accepted...then go on site, do the due diligence and renegotiation as appropriate at that point?

So this is my first property to have a GC I am building a relationship with give me a full cost breakdown structure (which I paid him $250 for, as I wanted it to be worth his time as I might need a ton of these before he gets work).  

House went under contract today so I don't know how long this link will work but https://www.zillow.com/homedet... is the link to the property.

As a new investor my goal for the next 12 months is learning.  Total immersion by taking action.   I do not want to be in the business of being a GC.  

That said....what can I learn from this?

• - Are the prices too high or low?
• - The format of this does not include materials....should I have a consistent format that the GCs need to comply with?
• - There is no concept of lead time on items.  Do I need this to help reduce my risk on supply chain things? Do I just trust the GC to source the vendors to get it on time?

What I have learned.

1. Nothing beats going on site. The pictures did not represent the amount of work this home needed.

2. Seeing how the GC approached looking at the property did give me confidence. He was very thourough.

3. Trying to take picture with my phone, and talk, and write things down while at the property was....really cumbersome. I need a tool kit or something.

4. I started outside but I think next time I rather would start going inside....rough sketching the floorplan and then using that like a punch list markup to capture all the things.

5.  I really feel like I need some onboarding checklist or something for GCs.

Any feedback about the bid would be helpful. I have the BRRRR analysis of the property I can share but don't want to overwhelm the post.

My area is experiences huge amounts of very fast appreciation. So much so that the 1% rule and deep dive analysis for on market deals (even far below asking price) dont make sense to BRRR...but many of them do make sense to fix and flip.

I want to build capital to get into multifamily, my goal is income to have the option to quit my job.

Is there a tax structure that would allow me to fix, flip, and keep the profits in the business of which I just roll into the next property so I can avoid ordinary income tax? 

My understanding of 1031 exchange is that its only relevant on rentals....not fix and flip.

How do you qualify GCs to know if you want to add them to your team?

Thank you all for the responses this was very helpful.  

So If I am finding off market deals (driving for dollars), qualifying and closing the leads of which I would buy them and rehab them....what is the role of my realtor?  Just contract negotiation?

I am pursing the BRRRR methods and delayed financing looks like a better option than cash back refinance. So that I can properly estimate my costs and fees. What are the typical closing costs when you do delayed financing?

A CRM like salesforce?  

Thought this could be fun to get other involved.  

Goal is to come up with a company name so I can build website, have marketing etc

I very much like the idea of breathing life into something that was broken and dying.  I also want the name of the company to be obvious on what we do. 

Right now what I have is : 

Lazarus Real Estate Investments

"resurrecting neighborhoods one distressed home at a time"

The investment Strategy of the company is basically BRRR but saturate it in neighbor hoods when we can to lift up the entire neighborhood.

Any thought on the name?  Alternatives?  The motto?