All Forum Posts by: Stephen Swanson

@Brian Garlington what is a contractor scope fee one should expect to pay in the East Bay?

Hi Bigger Pockets peeps, I'm new to flipping and I know a big part of it is estimating rehab costs.   I'm targeting East Bay suburban, SFHs under $1M before renovation.

I've read the book "Estimating Rehab Costs" by J. Scott, and watched recent videos from Bay Area flippers.  It seems the "average" flip construction costs are running $50-$100 sq. ft., if hiring a GC, and assuming no issues like structural or foundation repairs (which I wouldn't touch anyway), and not a high-end flip.

Ifs anyone is willing to share advice, especially some relevant line item contractor bids, that would be a tremendous help.  Thanks!

I'm looking for recommendations for an East Bay house inspector. Should be someone that'll allow me to tag along and observe (I'd wear a N95 mask) so I can learn some rudimentary inspection skills myself.  Thanks!

Hi All,

I'm looking for a house hack in the Bay Area (SFH with ADU or 2-4 multi), probably an older building that is in good to rehabbed shape, in the $500K-$900K range. Rules of thumb of monthly 5-15% of rents for CapEx and 5-15% for maintenance seem too vague. If rent goes up or down 20%, suddenly my maintenance & CapEx costs go up or down 20%? Estimating correctly seems like the difference between a potentially profitable building (after moving out) vs a money loser. SF Bay Area landlords, do you have guidelines when analyzing older, maintained buildings online? During due diligence?

Thanks for any help!

@Krista Goodrich Any news on the lawsuit to allow short term rentals in Daytona Beach?

I see a property where the numbers look like they might be good that is in Flood Zone "A", 1% annual chance of flooding.  Should I be worried about dramatic future increases in flood insurance, or should I run numbers based on today's insurance cost?  Would you/do you buy in a flood zone?

@Brandon Reed, yes converting a SFR into a MF or converting a Duplex into Triplex by finishing the garage. It came to mind as returns in this market seem tough, and the place I'm renting at temporarily in Tampa has a garage conversion.

I'm new to Florida and have been looking for a cash-flowing (once moved out) house hack in the central to northern part of the state, which doesn't seem easy at current prices. Is a garage conversion of a SFH or Duplex a viable option to generate more cash flow? Are they generally allowed in Orlando and surrounding areas (e.g. Kissimmee, Poinciana)? Would this be a negative or positive for future property appreciation? Thanks for any insight.

Please send info to [email protected]

I'm moving to Florida, at least for a year or two.  My job allows me to work from anywhere.  I'm excited about house hacking, but Southern Florida margins look too thin,  Jacksonville is hot but looks super-competitive with a lot of cash buyers, Orlando too expensive and Tampa looks  like  a maybe.  I'm looking to leverage the benefits of house hacking (more leverage, better interest rates), unless it's really wiser to put my limited money in another market in an investor loan.  Not wanting to put in a lot of my own cash into Florida, if it could go further elsewhere.  Thoughts?