All Forum Posts by: Hunter Harms

I'm a new member of the Miracle Morning movement talked about on BP Podcast 157 and have become obsessed with early rising and productivity from morning to night. I have been reading book after book on business, success, real estate, etc and feel as if I have already made massive movements in the direction of financial freedom. I was wondering if anyone in the BP community has any resources on scheduling your day/week/month/year to be the most efficient you can? I am a strict routine kind of guy and love having set times and specific tasks to accomplish during those times. 

Thanks BP!

@Cara Lonsdale I do want to be involved, very much so. I just am not confident enough in my skills to take on the entire project yet. I want to use a GC for my first one or two rehabs and then handle the subs all myself from then on. It would be beneficial for me to see how a GC schedules and handles the project so I could use a variation of the same method for my first flips managing the project myself. Once really comfortable I will develop my own system for hiring, scheduling, managing, etc. Thanks for the response!

Over the past few months I have been learning and becoming well versed on the rehabbing and flipping of REOs. I am ready to start searching for my first deal and I had a question I can't seem to find the answer to.

When working with a GC who is managing my entire rehab, how much time should I spend at the job site? I want to be hands on and be in control of the deal, but at the same time I want to let them do their job and not be looking over their shoulder the entire time. I was thinking it would be best to show at random times throughout the day and switch it up every day so I am not predictable. Also, when I'm on site what would I need to be doing besides making sure everything is in order? I would definitely want to learn the process hands on by asking questions and observing, since this would be my first flip, but what else needs to be done when at an active rehab site? 

Thanks BP!

Made up example scenario:  I just closed on an REO I intend to fix and flip and have had an inspector come through and give me his own SOW for the property. I want to hire a GC to pretty much manage the entirety of the rehab because I am a new investor and am not confident enough in my skills to do so. I have my own SOW I made before putting an offer on the property as well the inspector's SOW he and I made during the due diligence period.

Question: Is it realistic to find a GC that could literally handle the entirety of a rehab? I found J Scott's Book on Estimating Rehab Costs quite intimidating when it came to finding the subcontractors as well as providing the materials for them. Could I find a GC that could look at the 2 SOWs I have provided for him and with those he found all the necessary subcontractors, scheduled everything, handled all materials, oversaw the rehab, and paid them on time and accordingly? I obviously want to be hands on and have a say, but having someone like this that could take my vision and make it a reality all while managing the ins and outs would be huge, especially when trying to scale my business. 

It may sound like I'm just trying to not have to put any work in ever, but in all actuality I am simply not confident in my abilities to handle all of these components.. YET! I want this kind of GC so I could watch him, ask questions,  and really get a firm understanding on the entire rehab process. From then I would look to implement J's strategy of having a full time property manager that handles all of our subs, materials, etc with a commission per property pay. 

Thanks BP!

HUGE help. Thanks so much man, love your books!

Heres a made up scenario:

My agent just sent me information on a foreclosure that could potentially be a great deal that I should put an offer on. I look at the property's pictures, information, and neighborhood all online, as well as go inside the property and have a really good initial walk through...

The next part is where I get a little confused. At this point in time in the example scenario its time to create a rough SOW so I can get a fairly accurate rehab estimate to plug into my flip formula (MPP = Sales Price – Fixed Costs – Desired Profit – Rehab Costs). This being my first fix and flip, how do I create an accurate initial SOW so that I don't get screwed over come due diligence period and my rehab estimate I did myself is way off causing me to back out of the deal? I have read both J Scott books, watched many podcasts, and have spent much time learning in the forums, but still don't feel comfortable enough putting together my SOW before I offer. I know this is supposed to be a rough estimate, but I feel since this would be my first time I could be way off. 

The biggest fear I have is that I make my estimate based on things I can easily see like carpet, paint, kitchens, bathrooms, etc, but there ends up being tons of other work that needs to be done elsewhere; things such as pipes, electrical, etc. I don't want to have offers accepted and constantly keep backing out because I have not been accurate enough with my rehab numbers. 

Whats some good advice on going about this?

Whats up BP!

I am brand new to all of this, I have watched countless BP podcasts, spent lots of time on the forums, and just finished The Book on Flipping Houses. I am about to start The Book on Estimating Rehab Costs and I understand the entire flipping process for the most part, but have one thing that I need clarified.

When I am looking for potential foreclosures to put an offer on, I am supposed to come up with a complete scope of work and estimation to determine whether or not the property is a good deal. Being my first deal, I feel like I would be quite lost when trying to figure out what needs to be done, let alone all the correct numbers. Would it be smart to have an inspector come through and give me a list of all the things that need to be done, then provide that list to a GC who would also walk through the property? The inspector would catch all the things the GC wouldn't and the GC could really compile a good SOW from the inspector's findings and then his own vision. At that point if the estimate I'm given fits my numbers it should be worthy of an offer, correct?

Would love some direction from some seasoned flippers, if I'm super far off please point me in the right direction!

Thanks!