All Forum Posts by: Daniel Del Vecchio

Hello Flippers/Rehabbers,

To learn more about rehab costs I have decided to go room from room and itemize all the materials that would be needed to rehab that specific room and took a trip to my local home depot to learn the prices.  My first room I went through as the title of this post would suggest is the bathroom.  While I was at home depot, I realized a lot of the prices for certain items depended on what material/style was being used.

So my question for any flippers/rehabbers/is what materials are you using when you renovate a bathroom specifically to: 

Floor tile, wall tile, shower tile, listello, the type of molding used, the type of vanity and vanity counter tops, mirrors (glued to wall or hanged on the wall), type of toilet, and anything else I missed.

Thank you for all your advice and assistance in advance! 

@Aidan Cable that is a great major to pick! Start reading books on flipping houses J Scott’s books are a great place to start and if you check out BP’s ultimate guide to flipping houses they have some good book recommendations for flipping too.

Start building your network now by joining a local real estate investors association, a bigger pockets meetup and by reaching out to investors/realtors/contractors/lawyers in your area. Offer to take them out to lunch and pick their brain, and even offer to work for them as an internship. Its a nice trade off - you get to learn and they get labor.

Learn how to find and analyze deals as well. If you go and find a great deal and bring it to an investor they may want to partner with you on it.

Lastly, save what you can. I know college is a lot of fun and theres so much to do but if you can save what you can it will help in the future.

Good luck!!

@Matthew Wilks it's great that you have this idea now! I wish I did when I started college. Hindsight is 20/20 so what I wish I would have done when I was in college is to find a mentor. If there is a particular strategy (Flip, Rentals, BRRRR, House Hack, Wholesaling etc...) that you are interested in pursuing use BP or a local real estate association to meet investors using that strategy and develop a relationship with them. I would also recommend getting a part time or full time summer job with a contractor. That way you will start learning the prices/time cost of labor and materials needed for different projects as well as learn the value of improvements and how it affects a property. That is something I wish I would have done.

Another big thing is network network network! Building your network now will help you whenever you are ready to invest so you will have an idea of the individuals in the area who you want to work with such as lawyers, agents, brokers, contractors, property managers etc...  

Lastly, depending on your major and your schedule i'd take some classes on business and taxes, and maybe a basic accounting class.  

Good luck! 

@Declan Schreiber so I just started out in real estate and I am 27. I have been thinking a lot about what I would have done if I could do things over around your age. The one thing I wish I would have done in hindsight is to mentor under someone when I was younger. Use BP to find others in your area who are doing what you want to do (flipping/renting/BRRRR/wholesaling/etc...) and offer to work under them. They get some help and you get knowledge! Or if you don't have the time, take them out for coffee or lunch! You can still learn valuable information that way and may even make a friend in the process. It will help prepare you so that when you are ready to invest you'll have more resources to help you out. The other suggestion I would make is if you are able to, work part time for a contractor or sub contractor. In hindsight I think that would have helped me better understand the costs of labor and materials better as well as better understand the value of real estate. It will also help you learn different skill sets to help offset some of the costs of rehabbing a property if that is something you want to do.

@Yenisel Avila welcome! I am new to this too and I have found a ton of great resources here.  The one thing I would recommend is to get out there and start looking at some deals.  It has helped me at least to get more comfortable and realize that this is something I can do.  Especially if you are reading any RE books/blogs, or listening to the biggerpockets podcast or watching their youtube videos, you will start applying the knowledge you are learning which will help sharpen your mind to analyze potential flips.  And it is also pretty exciting when you realize "OH!! I read about this in this book or from that blog or heard it from this podcast and im actually out there doing it!"  

The one other thing I would definitely recommend is talking to neighbors any chance you get, especially if you are looking at condos/townhomes or in an association.  I had a 30 second conversation with one who came outside to walk his dog at a condo association and I found out: 1. there was a termite problem with the entire complex 2. that the association knew and what they were doing for it 3. that the association was tight on money.  I used this to help me look at comps and after I put the numbers in, I knew it was not a good deal for me as the property was overvalued.   

@Kevin Paulk Thanks for the advice Kevin!!

@Mark Fries Thanks for the advice Mark!!

@J Scott Thanks J!! I appreciate the advice!

Hello,

Does anyone have any tips on how to find probate leads?  Is there something I should be looking for on the county's website or is it more word of mouth? 

Hello Everyone,

So I found a possible first deal.  The condo is in a perfect location, and it is going for a great price! From what is visible, it's a pretty simple fix EXCEPT for the termites.  When i went to see the property my realtor and I noticed some piles of dirt that lead into the lenai and then into the master bedroom, and piles of dirt in the second bedroom down the hall from the master.  A neighbor also confirmed that there was a termite issue while we were seeing the property.  We are checking to see what if anything the association would cover to fix the termite issue, and depending on how much damage is done to the structure what they would cover.  My question to everyone here is, have you dealt with termites in the past? If so, how difficult was it, how expensive was it, how long did it delay your project, is this something I should avoid?  Any and all advice would be appreciated! Thank you in advance!!