Hi!
Just posted this on “beginners” and thought, duh - this is probably the better place for this post!
I have my eye on a FSBO about 2 miles from where I live. I’ve talked to the owners; in one breath they say this isn’t a “distress” sale but in the other they talk about how they can’t wait to be rid of this rental. It is currently vacant. I plan on following up with a call in 3-5 day to assess motivation level again - I’ve mailed my business card also.
Whether this property works or not, I have to move into developing a rehab team for future prospects. I am brand spankin’ new to this so I’ve read the best way to go is to eat a little of the profit and use a general contractor for the first 1 or 2 rehabs. I’m fine with this.
What advice can you give on what to ask/look for in contractors? Also should I always tack a month or two onto my timeline for holding the property since it seems like things are never finished in time (or on budget, so add $ there also)?
I have already decided if I ever rent, I’m using a property mgt. co. What is the standard fee? What should I ask when calling around to compare companies?
There are such educated people in this forum that I’d thought I’d ask these questions first before trying to re-invent the wheel.
By the way, as someone mentioned in a earlier post. . . is there a search feature on this website to search by topic?
Thanks,
Immy