All Forum Posts by: Peter Humpton

call local contractors. Get to know them, buy them coffee and spend time with them. They'll save your a$$ when you have relationships with a few of them. They should be able to help with "cover numbers" for budgeting purposes based on typical products used or ask them if they work with other investors - learn what the market is doing. Much more accurate & protective than a general number.

Have you considered asking your real estate-investing uncles to offer a job and/or connect you with people they work with to hire you? I believe that would be a win-win where you get a job and lots of experience.

In my learning, it's always been suggested to get multiple quotes (2-3). Helps understand market and meet multiple contractors. Make sure scopes are the same (does it include patching drywall dings/holes, painting of doors & trim, caulking any new trim installed).

Up to you if it's worth your time for the $$.

Oof sorry April, that contractor sounds...less than professional. His gas and tires are his problem, not yours. And the tools of the trade are always provided by the contractor, not his client.

If your contract does not include some timeline for completion and/or milestones, I'd add it into future ones. These dates can be provided by the contractor, but should be something agreed to upfront. Then he can go as slow or fast as he wants based on that timeline.

50% payment upfront is very generous with someone you don't know. Between 20-30% I believe is more typical. with other draws spelled out in the contract based on milestones and/or completed work.

I'm so glad you asked this question! I was thinking something very similar. A lot of the listed renovated houses look the same/similar. I'd love to have something that stands out, but am totally inept at color coordination! I'm actually wondering the same question for exterior changes - how/when to know if siding should be changed or new front porch built: is that a designer as well or architect?

I agree with Andy. If you're using contractors and getting multiple quotes, they typically can buy material at better prices so I'd let them. Plus if they are then responsible to fix any mistakes in the order.

I like installing my own cabinets, so buy RTA (ready to assemble). They're not the best of quality but good for the level of houses I renovate.

For $40k, I'd go private money. Think typically you're paying 10-12% annual interest on it. Tap your network - should be someone willing to make 2x more than a high yield savings account that you know. Congrats and good luck!

Oof long distance investing and learning - I struggle with managing local contractors *facepalm* Nothing beats getting in the area like Ziad said and getting hands dirty. Wish you the best!

Just finishing up my first flip and I wish I had known more on the age of the roof, mechanicals/utilities with pictures of all of them.

Quote from @Will Pickering:

As a wholesaler I often found myself feeling the pressure to offload contracts as fast as possible when I was first getting started. I realized quickly, that was not helpful to me or the prospective buyers/investors I was marketing too.

Thank you for the question and the thoughts. As an investor, I'm curious to learn from you - how did you find that offloading deals quickly was not helpful? What was not helpful or what did you do when you had that pressure?
A valuable wholesaler is an honest, responsive one I would think. Since you're asking your questions, I have to believe you already have that as your foundation. Keep at it and good luck