All Forum Posts by: Jon Reed

Congrats on the first deal... however... finding contractors and learning the cost of rehabs is best done before you are buying your first deal. I would suggest holding off on diving into a project before you have networked a bit to find out who is trusted in your area.

If you have already signed on the dotted line and can't get out then get on google and spend a few days calling everyone that comes up and schedule bids. If you come across someone who says that they don't have any time then ask them for a recommendation. You can also go to your local home improvement store's pro desk and ask them for recommendations.

Also, don't be discouraged if you just end up leaving a ton of voicemails because if they are a good contractor then they are probably busy and have a set time each day they return voicemails.

Best of luck!

If the numbers work then first thing is to get a few 40 yard dumpsters and start unloading the place. You will be surprised on how quickly you will fill up a 40 yard dumpster. We are wrapping up a small rehab where we took out a wall to open up the kitchen and living area, gutted the kitchen, and removed minor stuff left behind by the previous owner and with just the demo we filled up a 20 yard and 40 yard dumpster.

Once you have it down to the studs I would have a mold crew come in and remediate. 

If you are already working with a local bank (on a personal or professional level) then they will most likely be able to reduce the 'standard' 6 month seasoning period. After my first BRRR property my lender decided to drop the seasoning period completely and instead base the refi on when I get my tenant in. Now I am able to refi out of a BRRR as soon as I have a tenant move in.

If that is the first floor a two story home then @Will Barnard hit the nail on the head.