@RealEstateRookie Bowling Green, Ohio, just south of Toledo! Nothing picked out yet. We get so scared of losing our shirts because we (assume we) are bad at estimating construction costs or hiring contractors. We've paid down debt and bulked up our reserves so we should be ready. It just feels like a big scary jump!
Rene here! I'd strongly recommend the book on estimating rehab costs, using the BiggerPockets rehab calculator and clicking on all the little info buttons at each step, and keep detailed track of every $ you spend no matter if you budgeted for it or not so that you can improve next time. This time I'm trying to basically break even and learn a lot along the way and I have a 15% cushion above my very conservative (risk adverse) budget. Follow along with my budget and see how I'm doing - biggerpockets.notion.site/Rene-s-Renovation-Budget-Tracker-128c2d7bf22580989730ce6eb402ce80
I would recommend reaching out to hard money lenders local to your area or who specifically lend in your area. Going to in person networking events and asking people how their deals were funded is a great first step! That's how I found my lender - Rene
Thank You Tony and Ashley appreciate you both. Thank You for sharing Rene.
Great episode, Rene!
That’s a killer loan. Wow!
Thank you so much! I love hearing people's flipping stories! I get so much out of them. My husband and I are hoping to do our first flip soon!
You can do it! Where is the flip located?
@RealEstateRookie Bowling Green, Ohio, just south of Toledo! Nothing picked out yet. We get so scared of losing our shirts because we (assume we) are bad at estimating construction costs or hiring contractors. We've paid down debt and bulked up our reserves so we should be ready. It just feels like a big scary jump!
Rene here! I'd strongly recommend the book on estimating rehab costs, using the BiggerPockets rehab calculator and clicking on all the little info buttons at each step, and keep detailed track of every $ you spend no matter if you budgeted for it or not so that you can improve next time. This time I'm trying to basically break even and learn a lot along the way and I have a 15% cushion above my very conservative (risk adverse) budget. Follow along with my budget and see how I'm doing - biggerpockets.notion.site/Rene-s-Renovation-Budget-Tracker-128c2d7bf22580989730ce6eb402ce80
Can you share the lender’s info? Thanks
I would recommend reaching out to hard money lenders local to your area or who specifically lend in your area. Going to in person networking events and asking people how their deals were funded is a great first step! That's how I found my lender - Rene