All Forum Posts by: Matt Stewart

I've found 80% of my contractors on Craigslist.  They're usually used to working with investors and eager to give you a better rate than Joe Homeowner because it's easier to work in a vacant property and I always promise repeat business if they do the job well and within budget.  You'll run across some bad apples, but it's been worth it to weed them out and build a relationship with the good ones.

@Brea Holder  Are you limited to the Nashville area, or are you looking regionally?  

What type of partnership are you ideally looking for?

I'm not a coffee guy myself.  I've met other investors and Realtors to talk shop over a beer.  That's one of the benefits of being my own boss, I get to pick the location of the board room.  

I wouldn't count on any tool that's based on national averages.  I know it takes a little more time to figure out what things actually cost in your area, but put in the time.  It'll pay off in the long run.

I gotta get you to start putting my kitchens for me!  Only $1000 for a brand new kitchen?  Let's talk!

I actually just locked up a fire damage house last week and should close on it next week.  Fortunately in my case the fire was contained to one bedroom and it looks like there's not a lot of damage to the framing, attic, or roof.  I'll know more once we get it cleaned out and gutted down to studs.  I'm anticipating electrical repairs, replace any charred framing, obviously all new drywall floors and ceilings.  After that it's a standard rehab.

This will be my first burnout, so I talked to some other investors who've done them as well as a couple contractors.  Obviously the damage can vary greatly and you need to inspect carefully, but the consensus is that they usually look much worse than they actually are.  

I'll know a lot more in a couple weeks @Johnny Kang if you want to check back with me.

It sounds like a decent flip to me. @Michael Petruziello  Not a home run by any stretch, but any time you can turn a $18-20k profit on a $65k sale I'd take it.  Send it to me if you don't want it!

It's easy to get overwhelmed when you get started.  It helps to develop of plan of action.  I usually have an overall plan and timeline in mind.  Then I start breaking it down.  I generally sit down on Sunday and decide what I want to get done in the upcoming week.  I'll even break it down by day depending on the detail of the work that week.  Bottom line is I answer to myself.  And if that list for the week isn't 95% crossed off by Friday at happy hour I generally work on Saturday to keep the pace of things as I want it.  

Congrats @Emmett Dempsey and good luck!

Short answer...... If it isn't broken don't fix it.  

That being said, rarely is a flip ever just cosmetic.  Don't make it overly complicated.  Figure out what needs repaired and replaced and get it done.  If your plumbing leaks, fix it.  Otherwise save your money.

I'd still want to know what the ARV is, even if I was a buy and hold guy. You say the comps are all over the place, which is common in lower income areas. But you've only done half the work. Analyze the comps, look at photos, determine which comps will compare with the quality of the property once you've put your $10k into it. Do that and you'll come up with a solid value.