All Forum Posts by: Janetta C.

@Sean Howell I don’t have the free time to do it myself because I work a FT job. I’m definitely the type of person that likes to be hands on and learn but with working I’m not able to be available during the day so having someone manage the project sounds nice but I agree the pricing seems a bit much.

He was the first person I spoke too but plan to get at least two other quotes before deciding what to do.

@Taylor L. Yes, he can provide references, I’ve seen some of his work, and a close friend has worked with him on several projects. I live in Richmond so I’m familiar with the areas we discussed. The rehab cost would be determined based on the type of property purchased. However Since construction is so foreign to me I would need to receive price quotes from other contractors for comparison to assess pricing.

Hey Guys!

I'm ready to enter the world of investing and met with a contractor today who offered to be the project manager for my first fix and flip. His fees include an initial 10K project manager fee then 10% fee after selling of the flip. As the project manager he would secure all permits and inspections, hire the crew for rehab and manage them, stage the home for listing, and can guarantee completion within 4 months (120 days or less). If he does not finish before to the agreed upon date he would pay $1,000 a week for every week the project was extended. I thought this was a bit expensive but considering my background is in healthcare and I'm new to investing I thought this arrangement could be a good deal. We discussed using a hard money lender for financing and thus the 120 days for completion timeline. I'll be investing in the Richmond, Virginia market. Any thoughts on this arrangement would be greatly appreciated.

Thanks!

Moe

Hey Guys!

I'm ready to enter the world of investing and met with a contractor today who offered to be the project manager for my first fix and flip. His fees include an initial 10K project manager fee then 10% fee after selling of the flip. As the project manager he would secure all permits and inspections, hire the crew for rehab and manage them, stage the home for listing, and can guarantee completion within 4 months (120 days or less). If he does not finish before to the agreed upon date he would pay $1,000 a week for every week the project was extended. I thought this was a bit expensive but considering my background is in healthcare and I'm new to investing I thought this arrangement could be a good deal. We discussed using a hard money lender for financing and thus the 120 days for completion timeline. I'll be investing in the Richmond, Virginia market. Any thoughts on this arrangement would be greatly appreciated. 

Thanks! 

Moe

@Taylor L. Thank you for your reply and suggestions! I’m going to look into joining some local groups and I agree COVID is far from over and the future is so unknown.

Hey Guys,

I'm new to BP and the idea of investing. Really hoping to purchase my first property in the Richmond, VA area before the end of the year. Any suggestions on current or projected market trends regarding fix & flip or rentals? 

My ideal property is a multi family where I would consider house hacking and renting out my current home. In my opinion the Richmond/surrounding counties seem to be oversaturated with new development and investors. Any suggestions or ideas are greatly appreciated. 

@Tom Hacku Will do! Thanks again

@Tom Hacku Thank you for sharing your experience with me! It’s good to know what lenders are thinking. I heard on one of the BP podcast mention of stricter requirements for loans now with COVID. I’ve been listening to BP and trying to read and learn as much as I can to decide which route I want to take. You have an awesome strategy and plan! I’m sure you will reach all your goals.

@Brian Geiger Thank you for your advice! I haven’t tried either yet. I’m currently exploring ideas and options before making any final decisions.

@Brian Geiger I’m torn between a fix and flip or rental.