All Forum Posts by: Drew Dotson

Hi Tori, thank you for the suggestions! I needed a quote on a full gut, but it ended up selling before I could get someone out there. Thanks for your help though!

Hello, I am in need of a GC that does work in Newnan GA. If anyone has any references, I would greatly appreciate it.

Your unique objectives and goals as well as the amount you have available to invest will help you find a good investment rental property. Additional considerations should include area occupancy rates, proximity to schools and shopping, the amount of parking, and the amenities on property that will attract more desirable tenants. A good range for buy/fix/rent property is commonly thought of to be between $80,000 and $250,000 after repair value.

You may find a rental property that already has pre-existing renters. In this instance, you want to make sure they are quality tenants who pay on time and do not damage the property. Other times you may choose to invest in a property that requires some repairs before it’s ready for occupancy. It should take around 30 days to find a tenant after the property is move-in ready. The length of the process relies heavily on the demand for rental properties in the surrounding area.

All investments carry a certain amount of risk. Some of the most common risks involved in a “buy/fix/sell” strategy are fluctuations in supply/demand of housing in the neighborhood, incorrect estimation of repair costs, project going over scheduled timeline, and general contractors walking off the job or stealing your money. All real estate investing is risky, but this particular strategy is one of the riskiest.

Whether a property is a good deal or not is subjective to each individual investor. Some investors have a minimum dollar amount they want to profit on a flip while others seek a target return on their investment. Either strategy is fine, you need to judge this yourself.

Before buying any investment-grade property it is essential for you to understand your objective and goals. You can then apply your objectives to the property listings that we provide to you so that you are able to determine which of our properties match your goals.

Getting repairs done right the first time and at the right price can mean the difference between making significant returns or, perhaps, none at all. That’s why successful real estate investment professionals have a team in place consisting of a general contractor, backup general contractor, designer, and a handful of subcontractors.

General contractors come in many shapes and sizes. Finding one you can trust and effectively manage is key to your success in real estate investing. Once found, they can be a great resource to you—accompanying you to properties, providing repair estimates, and informing you of potential issues that may surface once construction begins. It is a wise practice to ask general contractors for a list of recent references and to confirm they have the proper insurance/license needed for the job.

Getting multiple bids and creating a detailed budget and scope of work are great practices to implement. Often, investors will go way over budget because they didn’t take the time initially to create a thorough budget to strictly follow. Having a general contractor or experienced mentor to assist you in this is key to your success at achieving your expected return. Poor management of contractors is one of the most common reasons investors fail to make a profit.

Every investor has different goals and strategies that comes along with experience. However, you don’t have to rely solely on yourself to make this decision. Where the inexperienced real estate investor may take weeks or longer to decide on a particular property, the experienced investor makes the decision in a matter of minutes based on the numbers. The difference between these two types of investors comes down to market knowledge, access to a proven list of vendors, and having financing pre-established. Before buying a property, you should always do your own independent research and make your decision based on multiple sources.

You’ll want to secure enough capital before you even begin searching for your first real estate investment property. Most of our clients arrange for at least $30,000 to secure and ensure a smooth closing for a property that meets their criteria.

Many people believe that the best way to start investing in real estate is to buy books, attend seminars, or take classes. While outside education can be informative, it’s often too general to be useful in your specific market and for your unique investment opportunity. Experience is your best education. Only by buying and selling your first properties will you discover your strengths and what you can best capitalize on and what parts of the process you prefer to delegate.