All Forum Posts by: Dayn Beals

Greetings @Alex Rojesky,

I am currently preparing for my RE license, and seriously considering EXP. There is real profitsharing, stock rewards, and all the training you can stand for a small annual fee. It is cloud based, so if you are externally motivated it may not be for you. I found out about them through a friend who is a broker that is currently hanging his license with them. The annual cap is $16k and he is getting residual income that could potentially replace his commission income. I encourage all agents to check them out to see if they are a fit. I am curious to see how you choose.

Best wishes,

Dayn

Thank you for starting this group. I'll see you there.

@Patrick Cruse, as a contractor, terms like light fixer, heavy fixer are meaningless. If you want a ballpark figure, decide EVERY detail on what you need to repair, replace, or rebuild. You need an accurate and complete scope of work. Then you will decide what fixtures, appliances, cabinets, etc. you will use and put together a bill of materials. An experienced contractor will know you are just looking for a number if you are just looking for a number. We love to be experts and share information and knowledge, but we know when our time is being wasted. Be upfront. If you plan to GC the job yourself, it's your job to make sure the appliances fit the cabinets, window treatments fit the windows etc. as well as determining the duty cycle of the water heater, roof, and HVAC. A good GC will get this right and probably save you time and money. Good luck with your project.

1. I will totally be your colleague.

2. It would be rude of an interveiwer to tell a potential employee they aren't the only candidate. That's all.

3. Relationships, even with contractors, are important. You know your people won't let you down.

4. It's your job to develop the scope of work. Once you have done that, present that to all bidding contractors without changes and have them bid. If you are using a contractor to help you determine your SOW, that's different. 

Hi Lisa,

That second contractor sounds professional. Ask him lots of questions. Contractors love to tell you what they know.

As a subcontractor, I provide bids to the general contractor and he includes that and all others to the client. Typically my bid as a sub is lower than if I deal straight with the owner. I am paying his mark up to manage the project, in a sense, so that my time is not consumed with customer relations. The general contractor needs to be compensated for his management and liability for customer satisfaction, as well as his knowledge.

Get to know your state's lien laws. Hope this helps.

If you are willing to beg, borrow, or steal $15k-$50k to learn what is available for free here on BP then go for it. They will require it.

You are much better off buying into something with the money. You will likely learn more. Or you can start a side income working for an investor. Maybe even an internship?

@Kerry Mattie, Welcome to the site. This is the best resource available to learn all facets of RE investing. Meet as many people in real estate as you can. You and your husband have skills that are valuable. Offer them to others who are doing what you see yourselves doing and good things will happen. Hang in there and have fun!

Whoops.

@Account Closed,

If you plan to rehab, learn what a house is. By that I mean you should understand what a house is made of, it's equipment, and systems. You don't need to be an expert, but you should know what you are buying and how much it costs to repair. Meet a bunch of RE agents and brokers. You want a good relationship so you feel confident your product will sell. Pick a good one. Meet as many RE investors as you can. You are only as good as your network. Get good at finding deal and the money will show up. Help everyone you can, your good deeds precede you. Have fun!

@Thomas McGee, this is happening in my market as well. I've been involved in the rehab market on the contracting side for 12 years, and home improvement for almost 30. Rehabbers are a mixed bunch. Some have sophisticated processes and keen analysis, some are headed for disaster and oblivious. 

I am watching a rehab I analyzed about 5 months ago. 882 sq. ft., 2/1, large lot, busy street, no hvac, single pane steel casement windows, acoustic ceilings. List price $167k, cash only, selling price $167k. I didn't see many of these deals listed with an agent back then, but I'm seeing more these days. In any event, retail price will probably end up being $220k, hvac $7k, roof $8k, new elec panel, branch circuits to kitchen, kitchen remodel, bath remodel, ceiling removal, int/ext paint, windows, etc another $40k. Not to mention closing and holding costs and commissions. I passed.

There have been 4 cars parked in the front yard for 5 months now, even overnight. They gutted the interior, drywall, doors, millwork, and all. Add $10k. It was the lowest priced sale on the mls in the area, but I don't think it's cheap anymore.  

I see this stuff all the time all over Sacramento. I want to have my own story, just not this guy's.