All Forum Posts by: Ian Checketts

@Guillermo Kennedy I have tried this a few times, its extremely difficult from my experience. Often it comes down to getting the heirs organized and get them to sign the necessary paperwork. Very frustrating!! Good luck.

@Alexander Szikla thank you for your input!

@Greg Dickerson awesome advice! I think its one thing that takes a lot of experience and learning.

@Arn Cenedella great advice! Often times myself included we think once we find a contractor you don't have to do anything. But you have to manage, observe, and communicate constantly!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in North Charleston.

Purchase price: $130,000
Cash invested: $10,000

House hacked this property as my first personal home. We had to fully renovate the home, outdated, termites, and so much more! We live in 1 side for 18 months while it paid our mortgage then rented it out fully.

What made you interested in investing in this type of deal?

Great area, great price, and served as a temporary personal residence.

How did you find this deal and how did you negotiate it?

Direct mail. Theres was lots of termite damage so I used those issues heavy!

How did you finance this deal?

Private Lender 10% and 2 Points

How did you add value to the deal?

I undervalued it and based it mostly off income because there aren't many comps in the area. When refinanced the appraisal came in at $300,000 thats $100,000 over our cost!

What was the outcome?

Great rental I may keep forever!

How do I find good contractors?

Approach 1: This is by far the most effective way to find good contractors. Drive around similar properties to yours that are being renovated and get these contractors information. No way better than to catch someone in action.

Approach 2: Referrals: Contact anyone you know that has done the type of work you are doing and get as many contacts they can provide.(Make sure to give back in some way to this person! I have a guy who calls twice a week asking for subs and never seems to provide me anything.) You can also ask current contractors you are using, typically they know a lot of other good contractors.

Approach 3: Google: Call or email as many contractors as you can through a Google search. You have to do a quick phone interview and then dig deeper the further along you go.

This is a very difficult process where you can spend weeks of your time finding and vetting contractors. This is well worth your time, because if you don’t do it properly this contractor could put your whole business plan under and ruin the deal. Please put in the effort and time to establish the right team of contractors. Hang onto good contractors when possible, these are hard to come by and if you treat them poorly they are quick to walk away.

@Theresa P.I would start by reaching out to the General Contractors in the area then Start reaching out to asphalt contractors in surrounding areas. Columbia may be your best option. Some smaller ones in Charleston are Eadies, Diva D, and Truluck. But that may be too far for many of these conpanies.

@Chris Musano Awesome! Just sent a message.

Colin I have been doing the BRRR method and flipping in Charleston the last 4 years. Its definitely tough to find great deals like anywhere. You have can get 1.5% but end up in rough neighborhoods. Depending on your skill set it may be worth focusing on a lower return with less headache or direct seller marketing

Chris, how did this go? I'm a licensed builder in the low country and would live to help out. I cant build it for you with my current demenada but would love to collaborate