Hey everyone, located in the Central Texas area with funding secured and looking to get started with BRRRR or fix and flip depending on how the numbers work out. Working with 100k to get started. Read numberous articles, books, and videos but just a little unsure now that I'm looking at properties that need a little TLC
So far, my outlooks is:
- Find potential properties, research possible comps that sold in the area. (I currently have an agent, should I use them to assist with comps and is that common ask of a agent? Learning on the fly how best to utilize my agent so feel free to share any advice. So far, they've just be helpful at giving me access to the MLS)
- Using the 70% rule when estimating maximum allowable offer. I'm expecting to pay 25% down or if I can find a property low enough (50k or less) I could just buy it outright, any thoughts?
- Key Items to look at with potential BRRR properties I've learned: foundations, roof, HVAC, floors (are there any other major items I'm missing?)
My questions so far:
Should I get a general contractor? If so, at what stage should I begin looking for a contractor? I have very little knowledge about pricing repairs, although I don't mind youtubing and learning, is that best use of my time?
With the end in mind, I'm thinking about how long the potential property will take to sale, so I'm thinking I can ask my agent what are typical length of days on the market house types I'm looking at take to sale, is that a realistic ask? Are there any other questions you normally have in mind with thinking about the after rehab phase?
Sorry for the long post but thank in advance for any assistance you can lend and, once again, if anyone is open to providing mentorship tha twould be great. I'm even open to partnering on a deal as a way to learn while gaining on the job training so to speak.
Best Regards
