Rehabbing ?s and Prop. Mgt. ?s


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?


Regarding adding 1-2 months for contractors, yes you probably would want to add that just to be on the safe side, HOWEVER, you have to push them and push them and make sure they know you mean business, and that getting behind is not acceptable. Otherwise they will get around to your job when it’s convenient for them.