Quote from @Aaron Wolman: General question, I am turning over my first rental and I got the charges from my contractor on damage done and I want to see peoples opinion. 

I even try to unsell them on the business by sharing my financial losses, litigation,  market shifts, permit purgatory, shady contractors,  clouded title issues,  paranormal activity, squatters, mold, etc.

If you want to do it yourself, be ready to answer text messages at 3 AM, solve problems within a 2 hour window, deal with contractors who aren’t able to “turn” a vacancy quick enough, and guests who want “instant” gratification.  

He is a contractor by trade and I am the sales and numbers guy to loosely define us.

It would for sure have to be a higher hourly rate than a typical W2 job however as agents are 1099 contractors and there are expenses associated with maintaining our licenses and operating our businesses that usually come out of our commissions.

You will never know the right number until you have a chance to inspect and get contractor bids, which will typically happen after an offer is accepted. 

Your clients should focus on properties with significant equity potential and work with experienced contractors to stay within budget and timeline—especially with borrowed funds on the line.Avoiding Bad Deals - Encourage them to work with experienced agents, contractors, or mentors and always run multiple scenarios, including worst-case outcomes, to stress-test their numbers.Reserves - Advise your clients to keep a reserve fund separate from their loan for emergencies, unexpected expenses, or delays.

I’d love to connect with local real estate agents, lenders, and contractors who can help me navigate this journey.I’m continuing to educate myself on finding, analyzing, and financing deals, and I’m excited to hear any advice or recommendations the community has to offer.Thank you for reading, and I look forward to connecting with many of you!

My contractor brought me a house off the market.

Residential conversions are costly, so working with an experienced architect and contractor specializing in adaptive reuse is critical.