All Forum Posts by: Account Closed

@J Scott

don't mean to sidetrack this great post but how does the comment by @Brian Lara fit in this thread? I notice all of the posts by this person all drive traffic to their affiliate.

BTW, paying your company to rent the home is so, much more enjoyable then paying someone else.

We use one program that can be expensive and we use it on insurance rehabs. I dont know any insurance adjuster not using it in our area. Even though its geared towards the insurance industry its still dealing with rehab/replacement costs. I would not say that it should be used as a be all end all. Nothing can substitute a hard estimate based upon historical numbers. Xactimate (I have no affiliation and I wish there was a cheaper competitior).

@Bill S. figure out what you like doing and do it. Be the best at it. If it's the consulting field then pursue that with every bit of energy and vice versa. Everything else is just a "hobby". Always remember, you are much more than a job or career. Good luck!

@Larry Tavarez if by buyers you mean OO then you'll run into alot of the hurdles with conventional financing i.e. relators, down payments, appraisals, 30day close times etc. If you have investors using financing then many of these transactions can close in 7-10days.

IMO, not much difference between a cash buyer and a seasoned investor using hard money/private money.

@Petra Walker-Jones welcome to BP. If you haven't done so yet you should introduce yourself in the new member introduction area. You may find people local to you who say hello and have some advice. Also, try using the search function located on the top right of this page for "earnest money". You'll be surprised with how may results you find. Good Luck!

welcome to BP. Get engaged with the community and learn as much as you can until you're ready to do your first transaction. Then when you find that sweet deal push through the unknown and before you know it you'll be a pro!

@Brandon Turner Thanks! This site has been instrumental to my REI interests. So much so that I decided to go "Pro".

@Chris Attiliis & @Christine Oliphant theres also a group that meets in Fairfax. There are no pitches, gurus or cost for attending. It resembles this forum in that attendees of all different levels and backgrounds who share their knowledge, leads and mentoring. Look up @Roger Lin and I'm sure he'll be happy to get you on the mailing list. Also, if you have any wholesale deals let me know. :)

@Scott McGill

Recently I had a lender ask me how I can build at the sqft cost I had quoted in my proforma. He was adamant that it couldn't be done. His logic was it costs his local builder more than my sqft cost and he is in a softer market. His loss because, the house is now completed/sold and the lender who backed the project made his profits.

@j scott is right. It's what it costs YOU to build.

If you don't have an estimating background, you don't have historical numbers to use as hard costs. The estimating cost books out there can be useful for soft costs only. These books are nothing more than what they claim to be, estimating cost books. I would NOT rely on them for hard costs.

One avenue you might explore is to take a floor plan and shop it with several homebuilders. This would be a cost efficient means of estimating your areas building costs. Another avenue, albeit more costly one, would be to hire a professional estimator. I would recommend finding someone who is a member of www.aspenational.org.

@Jesse Downey

Welcome. Besides being expensive D.C. has alot of regulations you may not know about. For instance research TOPA laws for D.C. You could get a nice education by attending some local REI groups and networking with DC investors. Be a sponge!

IMO, there's alot of opportunity that is cheaper right around you. You sit on 3 state lines that have alot of commuters and is growing. DC is packed with investors that have deep networks and deeper pockets, highly competitive and, as you already know, EXPENSIVE. You could find some good deals in your own backyard!

Good luck!

@Wendell De Guzman

I really would have attended but I'm in the DC area. If you are having anything in the summer let me know. I am just now starting to research the Chicago multifamily market and hope to be pulling the trigger on my first property about that time.

Hope the meetings go well until then!