How To Get Rehab Costs From Someone Else?
Here's the scenario, we get properties from foreclosure and will short sale them from the bank, but in the process we have to send over a package that contains a sheet of repair work that needs to be done to the home. Where can we find someone that will go out and do a complete estimate of what the home needs to have done to it and how much it will cost? Obviously, the more lousy the person is with their numbers, the better it is for us, and obviously we aren't going to have the work done, just flip it to a rehabber if it needs that much work, etc.
Thanks in advance!
Look in the phone book or call a realtors office and find a home inspector. That is there job.
Hi Solution and CJ,
I know I have seen this tread elsewhere and I answered there...but here goes again.
First of all, Home Inspectors (HI's) are not there to tell you how much something will cost to fix it. They are doing more of a safety report. While some HI's are also licensed contractors and know what it would cost,...... there may be eithical and liabilities issues involved depending on the state in which they practice.
Your best bet is to hook up with a GC and pay him to come out estimate at project while imparting knowledge upon you.
There are many REI's in this world that want something for nothing....dont get a reputation of using and wasting peoples time or thinking that professional tradesmen knowledge should be free.
Its amazing to me how many people will buy books like "rich dad , poor dad"...which is good in principal, nothing new though and has more fluff than a coconut pie......but yet these same people will want to waste a GC or HI's time without paying for vast knowledge that can make you thousands of dollars.
Go to your stores like Lowes and Home Depot where you can walk the isles and actually see prices of both material and labor for such items as flooring, installing doors, windows, roofing, siding.....the list goes on.
Partner up with a GC, do some bird dogging for them........rehab together.......the possibilities are limitless....just make it a win win for all involved.
Good Luck
Thanks NC_yank.
I especially like the part regarding treating Tradesman with respect. (Here here... clapping loud) Also win win which is key and rather all encompassing as to keep this concept on the frontal lobe at all times means everyone gets a piece of the pie. Whats wrong with that I ask ya?
Investor desired: Inquire within>
Sincerely,
David
Solutions Kid says: "Here's the scenario, we get properties from foreclosure and will short sale them from the bank, but in the process we have to send over a package that contains a sheet of repair work that needs to be done to the home"
Hey can you help me to understand something here... Who requires this "sheet" of paper? Also, if you can... in 25 words or less help me understand the following you said which is..."short sale them from the bank".
Thanks much,
Sincerely,
David
NC and all,
I understand and agree with what you are saying, but for people who really have limited means and money and run across properties that they want to flip or short-sale, etc and just need to find the numbers...they can't do it.
Speaking from experience, when I started I found properties that needed repair but I had no idea what it would cost or what I was even looking for. I wish I would have had the money to hire someone to tell me what was wrong, etc, but I didn't. Guess the whole point of the thread was to find someway for newbies and people like myself who need to get quick numbers without paying.
I would rather pay someone than not, but when money is tight, it gets tough sometimes....hope that makes sense.
Thanks
Blueearth,
The bank doesn't require the sheet, but in order to prove to the bank that they really don't want to take back the property and do all the repairs, it is important to show them what will have to be done "in order to be marketed at full value"
And to your second question, are you asking about short sales in general and what they are? If so, check my profile and email me.
Solutions Kid wrote:
"The bank doesn't require the sheet, but in order to prove to the bank that they really don't want to take back the property and do all the repairs, it is important to show them what will have to be done "in order to be marketed at full value"
Again, many lending institutions are very leary and cautious about lending inexperienced builders / investors money when they do not know what they are doing. My personal banker recently disclosed to me that out of nearly 100 builders that she has worked with....only a handful of us have always kept to our budget.
From time to time I will train certain individuals on how to become a contractor. The hardest thing to teach them is how to estimate a project accurately. I often will tell them to get up with an experience contractor / inspector and offer to work for "free" in learning the ropes. Quite frankly the contractor / inspector is getting the short end of the deal because the on hands training slows the professional down.
I find it amusing that so many want "free services" from a professional but yet they themselves offer nothing to the one teaching them.............its too easy to say that a person doesnt have the money to pay a professional.........I dont buy it.
If one does not have the money to pay for services...then they can offer their time.
About 6 year ago I once helped a "friend" build his own custom home. This friend knew nothing of construction and had no tools. All I asked was that he help me when it came time for me to do my next spec. house.
In short, he is now living in a $250,000.00 home with a mortgage of just over 100k........when it came time to help me.....he had more important things to do like go shopping with his wife.
While I still talk to him from time to time, I have never and will never teach him another thing. Thank goodness I did not teach him to become a contractor...although he wants to learn.
I learned a valueable lesson. I now try to surround myself with people of character and integrity.
3 years ago I had a young man that was willing to do any work that I had for him in order for him to pay his bills and feed his family. He did anything from digging ditches for me to cleaning toilets.....I never asked him to do anything that I myself havent done or still do.......at anyrate he would often do things for free in order to learn.......and oh yeah, this is after his 40 hour regular job. It was nothing for him to put in 80 plus hours a week.
Last year I finally taught him how to estimate along with setting him up with my forms and programs I use in my contracting / inspection business and finally I took him to my lender and vouched for his experience and training.
(he couldn't get a traditional loan with other lenders because of his credit score below 620 and some past financial problems)
I approved every estimate and invoice before it was faxed to the bank.
Today he is a licensed contractor (still has his 40hr regular job) and is doing fine.
What I saw in him was a determination to learn without taking shortcuts, and a humbleness to do what ever was asked of him.
He and I work together frequently (we never charge each other a dime for our services) and he is a member of the small contractors network that myself and a few selected others have set up.
Obviously not everyone has the same tallents in life......but everyone can and should have a self lessness.
I dont limit myself by allowing obstacles to
keep me from my goals, at the same time I expect people to achieve their goals in a ethical manner without acting like a parasite as my "friend" did.
I try to run my business by simple God given principles that can be found in any new testament................my business library consist of very few books and tapes..........just sound principles.
PS. I am not pointing a finger at anyone specifically, I sometimes see in many threads a theme of "what can you give me versus what can I offer"
The reason I like this site is the willingness of so many to offer their wisdom and experiences for free to those that have little to offer.
Makes sense to me NC and I understand where you are coming from on this one. Thanks for all your input.