Sign Up Now! Rehab Estimating Workshop!
Upcoming Workshops:
July 18: Atlanta – Cobb County, 10am – 3pm
Hi there!
My name is J Scott. I’m co-owner of Lish Properties, LLC and the founder of 1-2-3 Flip.com.
My company is on-track to do about 30 flips in in 2009, with rehabs ranging from $5K paint-and-carpet renovations all the way up to $60K+ full cosmetic and structural make-overs.
After all the flips my team and my crew have completed, it’s now pretty easy for us to walk into a new house, and within about 15 minutes have a really good idea of what needs to be fixed and how much it will cost.
It wasn’t always that way…
But, I remember not too long ago, the very first time I went to look at a property that I was considering purchasing to do my first flip. I walked into the house, stood there, and thought to myself, “What the heck am I supposed to be looking for anyway!?!?”
I walked out of that house no more informed than I had walked in, and proceeded to repeat the process several times before I got the courage to ask another investor for some help.
His suggestion was a good one: go hire a good General Contractor to accompany me to the house, and have him point out all the things that need to be fixed and how much they’ll cost. While this was a great idea (and one I used on my first couple houses), there were many problems with this method:
- The GC wanted to be paid for all the time he spent walking through houses with me. Turns out that the going rate for “pre-purchase walk-throughs” with a GC is about $60, and after five or ten properties looking for one to buy, I had spent a good portion of my rehab budget for my first flip on my GC walk-throughs!
- If the GC wasn’t available to walk through when I needed him, I had to wait to get my rehab numbers, and many times lost a potential deal while I was waiting.
- Because my GC knew that I had no idea how much renovations typically cost, I couldn’t be sure that he wasn’t ripping me off.
- And how did I know that my GC was charging reasonable rates compared to other contractors who might do just as good a job for much less?
It’s easy when you know the process…
Luckily, by the time I purchased my third property, I started getting an idea of how much various aspects of a rehab cost, and by my sixth property, I had a process and formula down-pat that would allow me to walk through a house in about 15 minutes and get a very good idea of what needed to be fixed and how much it was going to cost to rehab.
The goal wasn’t to avoid using a professional property inspector (I still do that on every project), but instead to be able to get my rehab estimates before I put in my offer, so I knew exactly how much I could afford to offer on the property and still make a big profit.
While any good investor will eventually learn how to do these pre-purchase inspections and rehab estimates for themselves, being able to do this at the beginning of your investing career will surely save you a lot of money and a lot of frustration.
Learn to do your own inspections and cost estimations
The goal of my Rehab Estimating Workshop is to provide you all the skills you need to do a pre-purchase inspection and a rehab cost estimate on a typical single family home.
Why spend any more time, money or frustration trying to figure out if you’re staring at a good deal? Why lose sleep wondering if that house you just bought is going to cost $5,000 or $50,000 in rehab? Why lose another deal because you felt like you didn’t have enough information to “pull the trigger?”
Here is what you’ll get from the workshop:
* Hands-On Learning at an Actual Rehab Property!
Our sessions take place at an actual flip property we own that is preparing to undergo a major rehab/renovation. You will have the opportunity to walk through the house, tear things apart (if necessary), ask questions and be fully immersed in the process of evaluating and estimating a rehab. In fact, while learning the process of inspection and cost estimation, you’ll go through the exact same process on this property as we went through the first time we saw it!
* Learn to do Pre-Purchase Inspections!
First, we’ll talk through the process of doing a Pre-Purchase Inspection, including all aspects of inspecting the interior and exterior of the structure. Once we are done explaining it you (not the best way to learn, in my opinion), we will do a hands-on step-by-step inspection of the property, discussing details of each inspection area as we go. Using the proprietary inspection templates we provide for you and our constinuous instruction and feedback, you will actually perform a Pre-Purchase Inspection on the property!
* Learn to Create a Scope of Work!
Using the information we came up with in our Pre-Purchase Inspection, we will walk you through the process of creating what we call a Scope of Work. This document serves as your master plan for the rehab. This is the document you will hand to your contractors to get bids; this is the document you will use to create your materials list; and this is the document you will use to do your rehab cost estimation!
* Learn to Quickly Estimate Rehab Costs!
We will discuss how to estimate the costs for every rehab area in a typical single family home, including: Roof, Siding, Gutters, Exterior Carpentry, Doors, Windows, Flooring, Kitchens, Baths, HVAC Systems, Plumbing, Electrical, and much more. We will provide you our proprietary “cheat sheets” that contain the typical pricing for all these areas that you can take with you for future reference. Then, we will use the Scope of Work we created to actually determine a rehab cost estimate for our property.
* Meet Our Contractors!
We will have some of our contractors on-site during the workshop so you can ask questions and exchange contact information. We want our contractors to keep busy (when they’re happy, we’re happy), so we encourage you to network with our contractors so that when you’re ready for your first (or next) flip, you’ll have contractors — that we’ve recommended! — ready to help you.
* Come Back During the Rehab!
Renovation on the actual property used in the workshop will begin within a week or two after the workshop and will last approximately six weeks. All participants are invited to visit the property at any time during the actual rehab, talk to the on-site project manager, talk to the contractors, ask questions, and observe as much of the rehab as you’d like. Just because the workshop is over doesn’t mean you can’t keep learning. This is your chance to participate in a flip from beginning-to-end, without taking any of your own risks!
* Get a Copy of Our Business Plan!
Lastly, all workshop participants will receive a free electronic copy of the Business Plans we offer on 1-2-3 Flip!
If you’ve been following my blog this past year, you know that my goal is not to get rich off of providing information… instead, my goal is to provide guidance and instruction to others with the same passion I have, so that they too can become successful real estate investors. I’m a big believer in sharing info and experiences, knowing that good things come back to those who put good things out there.
That said, to ensure we’re attracting people to our seminars who are very serious about becoming investors, and not waste everyone’s time with people who choose to sign up for something just because it happens to be free…
The cost for participation in this information-packed workshop is:
Just $99.00!
(I promise, when i started in this business, I would have gladly handed someone 5 or 10 times that to receive this kind of hands-on learning experience!)
If you would like to take advantage of this opportunity, we would love to have you!
For more details, or to register for our June 6 session, CLICK HERE! (sorry, June 6 is SOLD OUT)
For more details, or to register for our June 13 session, CLICK HERE! (sorry, June 13 is SOLD OUT)
For more details, or to register for our July 18 session, CLICK HERE!
Any questions, feel free to send me an email at estimation-workshop@123flip.com…
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