All Forum Posts by: Peter Mckernan

This would be a comp per comp move. If all of them have a garage and yours does not that will either put you at a lower ARV then what you thought, or a longer time on market. I would go with adding the garage because I would want you to get the highest and best move on the ARV of the property for that area.. It seems like you have it all lined out already, timeline and all.

I would call the companies (gas/water/electric) to get estimates, or an estimator out there. Then I would either go to your GC with the info, or go directly to your subs (licensed electrician etc.) with the info. This will give you some info so they are not guessing on what will be needed (they probably already know rough numbers, but each project is different). Going direct instead of having a GC do the work will save you money too since that GC will put a percentage on top of work. 

Great stuff! I would also add, a contractor that you can buy materials for and they know how to put them in with little to know direction (reduces the management time of the project). I also like contractors that have packets that allow you to pick out the stuff that you want to use for that project, which reduces the quality control process.. Gives you time to go do more deals and get more contracts accepted for the next one.

 Small ones will not, they typically like cash or checks. I have done it with some contractors taking Paypal where you can use a credit card on that site with a fee, or QuickBooks is another one too.

I would say the key would be to narrow in on an area (this could be a city if you are not from that area and investing remotely), or this could be a part of the city (some local streets) if it is in your backyard. From there, I would start to run numbers on those deals in that area/streets, and then start to connect with local agents/PMs to get an even better feel for pricing on homes along with rents for them. 

My experience they are not worth what they are used for on the claim. You have to jump through hoops to get the approved work even if they will approve it. Ultimately it is either a long process to get a check/fix, or they deny the claim.   

If you are looking for investors, start at 10% at least and go up from there. Deal per deal that will look different since the numbers are always different on each remodel. You'll need to get good at figuring out what each property needs on each deal. 

I think these times (the last two years), and this year are the ones that will give birth to some of the best investors. If you can manage to keep up with the real estate market in these markets that we have come to hit, and still be able to navigate the unchartered waters. You are going to be great through the highs of the next few years after this year. The 2008 timeframe was different and in situations a lot harder than now, but this market will shape a lot of investors that found their new market, product to focus on, and/or to dive in deeper when times get tough.  

This is a solid start for the capital partners willing to do the 100% fin and then 50% on the profits. When you start to do a lot of projects, 50% is a lot of money to go out when you are scaling, finding deals, and doing all the other footwork. There are a lot of pieces that go into the deals and giving someone a percentage of profit will start to become less of a value than what it was at the beginning. 

Money now is very good because you are new and ready to do all the work, but the examples you'll hear about are people posting on BP saying, "well, I did all the work and they got a lot or most of the profit." This is when the tables turn to you restructuring the contracts you have with them or really going out on your own completely. JD made some solid points on structuring the agreement etc. 

You can do simplisafe with/without Wi-Fi, but you will need cellular service. There is a ring camera system that has a job site security package as well some of my investors use for their projects do not have internet it works off cellular connection. 

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