All Forum Posts by: Ryan Reddy

@Mike Wadsley

Thank you for the follow up and providing advice on the right questions to ask GC's. As well as how to find the best GC's. Thank you again!

@Account Closed: Thank you for your response and advice! I agree I will face a huge learning curve as a first time investor. I think you other investors have made a good point of hiring out the labor but maintain intellectual curiosity learning through observation and asking the right questions.

Thank you again for your response and I appreciate it!

@Sean Gribbons & @Max T. : Thank you for the heads up about pulling permits! I will definitely need to hire a GC for those items.

@Nate Bell: Thank you for the advice! I think I can easily spend time on the phone / heading over the property everyday with or without a GC. 

@Maria Bakaj: Thank you for your response! I appreciate you sharing your experiences with contractors here in Denver!  

Thank you again to everyone for your response all of this has been very helpful to a new Real Estate Investor!!!

@Account Closed

Thank you for the response I appreciate it. That is a very good rule of thumb and makes a lot of sense, I definitely would make matters worse if I worked on my computer / car. I appreciate you sharing it with a fellow new investor!

Thank you again for your response!

@Mike Wadsley

Thank you for your response!! 

I appreciate your two cents about you preference and why you feel that way. I think you insight on determining the value of my time and how to ask my self the right questions on if this is worth my time / what is the net benefit of GC vs. No GC. 

What do you use to find your GC's? As well as what questions do you ask to determine if they are the right GC for you?

Thank you again for your response I appreciate it!

@Alex Craig That makes more sense. Rather than performing all the labor myself oversee the people doing it as well as asking the right questions of why or how something is getting done. I would agree this knowledge would be helpful in understanding renovation costs which in turn, would help my skill set in finding new deals.

Thank you again for your response and insight! 

@Alex Craig:

Thank you for the response and insight! I very much appreciate it. The Denver market is booming right now and I would agree most of the good contractors are doing bigger and better projects.

I think your argument has basis in trying to take on simpler tasks myself so I can learn and build up my skillset over the years which then eventually could do larger projects on my own. One question I always think of when I consider getting into the construction side is, should I try to learn these skills or hire someone who knows these skills and I focus my skills on finding another deal? My current skill set it much better suited for finding the property and investors.

Have you ever thought it would have been better to focus on growth of more deals rather than learning the construction side?

Thank you again Alex for taking the time to respond I really appreciate your insight and wish you the best on your future RE investments!!

Hey Y'all, 

I'm looking to buy my first house flip in Denver, CO and I was wondering everyone's experience if it is better to hire a GC or act as my own when first starting out? 

The types of renovations I am looking at are primarily cosmetic an advanced cosmetic, the goal is to avoid any flips that require major mechanical / structural work.  

I see the pros and cons of both sides, while hiring a GC will help ease the entire process as well as have the construction expertise but I also see the GC fees eating in my profits as an investor.
I have read articles and books that say it can cost more by acting as own GC by making mistakes but also talked to RE investors in my market saying that acting as my own GC is the only way to make money. 

I have no construction experience and my current RE team has built their personal homes which could help provide some guidance but no one is a contractor.

I would love to hear about your experiences as well as if you have any nightmare stories from working with a GC / acting as your own and what you would recommend if you were starting out in my shoes with the knowledge you know today?

@Chris Freeburg: Thank you for your response, I think there is a very active presence just by the amount of responses I have received! Following the advice of Warren Buffet is always a smart idea, his understanding of markets expands past the stock market. I agree finding right market you know and understand is the best which is why I chose Denver, I am not opposed to out -of - state investing I would just need to learn more about those markets. I appreciate the new stats about CO mortgage delinquencies, it definitely motivates me find the right  deal and get it done.

Thank you again for your response I appreciate it!

@James Carlson:Thank you for your response! g houses interests me because I think it is a great way to get return on capital in a shorter amount of time and then the returns can be used on future to continually grow. I think the buy - hold strategy would be another good exit option for the flip if I am unable to sell right away. I know in flipping you make your money when you buy and with many investors flipping in Denver it will be very competitive but I am ready to search and search for the right deal, but not getting into analysis paralysis. I can definitely understand the delays in the market b/c of COVID as well as demand for general contractors. I am not too worried about hard money lenders as I am using private money with favorable rates. Don't worry you didn't discourage me at all, always good to hear the issues to expect when entering a new industry.

Thank you again for your response I appreciate it!!

Hey @Bill F., 

Thank you for your response.

I appreciate your insight on thinking differently and refocusing the areas of knowledge. You are right on asking better questions and focusing on issues that are important and knowable.   

Thank you again for your response!