INSANELY helpful!! I cannot believe the caliber of information, strategy ideas and specifics James shared here. It’s beyond rare for someone to share so generously in an interview. Cheers to James and Ashley and Tony!!
This might be the most valuable video I've seen on this topic!! Side note: Most manufacturers do DON have a backup source. Almost without fail in the automotive industry you have a contract with one supplier for the part, or they won't take the job.
This video is a priceless resource for anyone entering the real estate and house flipping arena. The detailed insights and expert guidance presented are invaluable for those new to the industry. I look forward to the subsequent parts for a comprehensive understanding of this crucial aspect of successful property investment.
So true, worst thing you can do is hire the wrong contractor! I hired the worst and worst subs.. went 70k over budget. Still made money but it was hell.
That permit tip was GOLD.. You can also find pricing and other subcontractors in your local regional inspection database. Inspectors typically give a detailed description of the work, and how long it took them to complete it. Pro tip for sure!
I have redone a few homes ,don't be a cheap skate, include the fridge in the appliance package as first time and VA buyers don't have extra money for it come on its $1200 and it covers up the hole in the cheap cabinets also I have the heating ducts cleaned 40 yrs of dust , I also TV the sewer lines from the house to the street ,
This is awesome, I never thought of all those questions. This is giving me some serious information I’m going to keep for sure! For us just starting out I’m wanting to get to a spot where I own 100+ doors but for just starting out would fix and flips be where I should start? so I can build the up cash for down payments for all these different kinds of loans and repairs that a private lender or hard money lender may not cover. Just wanting to know where be a good place to start based on what I want to do in the end
Hey victor! There is lots of ways you can go get going and grow out your portfolio. The way I did was buy adding equity gainers and value add construction to create large equity positions, then trade the equity for more doors
Thanks all for asking the questions that most would fail to explore. What about going to “new build” sites and looking for contractors? What are your thoughts 💭
They are even slimmer in larger markets! The bud hedge funds have been taking them all… just like the tech companies and the employer market. Growing pains
I've been in construction 40 years I absolutely cannot believe you're gonna find somebody to GC your job and then you're gonna pull out any line items that hes charging too much for and hes gonna let you bring in your people!!!!hahahaha oh hell to the no !! NO FUKIN WAYYY!!
@@vincesteward3447same reason this investor is weary of working with someone new: there's lots of unknowns with a new person (ie they can suck and make things difficult for you.) You also have guys that work with you as a GC routinely and they may want the work and not understand that you're being TOLD who to bring in. I work with the guys I like and who do a good job. Having some dude try to save a buck like this would usually mean there will be mariachi music, empty Modelo cans, and shoddy craftsmanship in my immediate future. 😂
Sone contractors don’t, but isn’t it about a clarified scope of work. General contractors sometimes do 100% some times 50%. It’s no different then doing a house in phases.
It really depends on the company and investor. Someone our contractors won’t work for homeowners because they change their mind to often. We create the plan, put logical pricing in our budget, then let them do their thing. They like that we understand the process and costs and we make quick decisions (and payments).
You may get to charge a lot more with homeowner/retail, but you’ll probably have 5 times as many change orders, change of mind, confusion about what needs to be done etc. My GC’s love working with me, because I give them an unambiguous plan, mostly stay out of their hair, and give them large bonuses.
James is a legend of this space, nobody breaks it down as clearly
Thanks Jake!
INSANELY helpful!! I cannot believe the caliber of information, strategy ideas and specifics James shared here. It’s beyond rare for someone to share so generously in an interview. Cheers to James and Ashley and Tony!!
its true!
This might be the most valuable video I've seen on this topic!!
Side note: Most manufacturers do DON have a backup source. Almost without fail in the automotive industry you have a contract with one supplier for the part, or they won't take the job.
Thanks you!!!!!
This video is a priceless resource for anyone entering the real estate and house flipping arena. The detailed insights and expert guidance presented are invaluable for those new to the industry. I look forward to the subsequent parts for a comprehensive understanding of this crucial aspect of successful property investment.
Thank you! Tell a friend 😉
Guys, where I live you are LUCKY if you find ANY contractor....ANY...most have left the country and work abroad...
You need to learn our tricks! They are there!
So true, worst thing you can do is hire the wrong contractor! I hired the worst and worst subs.. went 70k over budget. Still made money but it was hell.
We all have been there!
Really enjoyed this one. About to close on my first property. I bought at auction. Gave me some insight on how to proceed with vendors.
Thanks Michael!
How did your project end up?
?
Great video! How do we get a copy of those spreadsheets? At very least the line items on those spreadsheets.
That permit tip was GOLD.. You can also find pricing and other subcontractors in your local regional inspection database. Inspectors typically give a detailed description of the work, and how long it took them to complete it. Pro tip for sure!
Got to get creative!
I have redone a few homes ,don't be a cheap skate, include the fridge in the appliance package as first time and VA buyers don't have extra money for it come on its $1200 and it covers up the hole in the cheap cabinets also I have the heating ducts cleaned 40 yrs of dust , I also TV the sewer lines from the house to the street ,
😂 I’m the same way! Even back in the day when no one put fridges in we did. We want it move in ready. We don’t do washer and dryers though.
This is awesome, I never thought of all those questions. This is giving me some serious information I’m going to keep for sure! For us just starting out I’m wanting to get to a spot where I own 100+ doors but for just starting out would fix and flips be where I should start? so I can build the up cash for down payments for all these different kinds of loans and repairs that a private lender or hard money lender may not cover. Just wanting to know where be a good place to start based on what I want to do in the end
Hey victor! There is lots of ways you can go get going and grow out your portfolio. The way I did was buy adding equity gainers and value add construction to create large equity positions, then trade the equity for more doors
Where can i find rehab budget sheet ?
This episode was awesome!
Thank you!
He was too advanced (my brain ) can’t wait to get to his level !! Watching this again !!
It hurts my brain too 😂
Maybe change your @ to countrymac until you're up to speed
Thanks all for asking the questions that most would fail to explore. What about going to “new build” sites and looking for contractors? What are your thoughts 💭
Different set of trades and pricing, we build and remodel homes, we don’t use the same trades for each project.
great show. where can I get the mentioned spreadsheet ?
Come check out projectRE! We spreadsheets that cover all underwriting for real estate!
Hi. where can i find or buy the estimate for rehab cost? I live in Texas
Totally off topic, but dude totally looks like a younger Martin Short.
😂
So Much VALUABLE INFORMATION, learned a few more things, this was a great video.
41:00 is money!! Best part of the whole episode.
Thanks Shawn!
How can I acquire your rehab detail list?
my issue is I have talked to 20 plus contractors and only 2 gave me a proposals what could be the issue I'm so confused
You’re the issue
@@zenco1611 I heavily doubt that people are just afraid to work
How are you finding them?
Driving for contracts! That's great!
Look under every rock!
How much are you getting these detailed bids for?
Free! Part of the service!
This was totally informative as a budding wholesaler/investor✔👌🏿👍🏿
Thanks Vermon! Feel free to share!
Hey Vernon, where are you investing?
Thanks James. Valuable information!
Thank you 🙏🏻
How much do general contractors take for a fee? Like percentage wise
All depends on project - typically 10%-15% for investors. 20% + retail / custom.
I really enjoyed this one! Thanks! =]
Thanks Jamie!
Great videos and insight
Thanks Richard!
This is gold!!!
Thanks!!!! Feel free to share 😝
@@ProjectRE I will!
Don’t always have the luxury of picking and choosing contractors in small markets…
They are even slimmer in larger markets! The bud hedge funds have been taking them all… just like the tech companies and the employer market. Growing pains
Can I have a sample of your budget sheet?
Ping POOONNGG
I've been in construction 40 years I absolutely cannot believe you're gonna find somebody to GC your job and then you're gonna pull out any line items that hes charging too much for and hes gonna let you bring in your people!!!!hahahaha
oh hell to the no !! NO FUKIN WAYYY!!
Curious why, if you don't mind elaborating.
@@vincesteward3447same reason this investor is weary of working with someone new: there's lots of unknowns with a new person (ie they can suck and make things difficult for you.) You also have guys that work with you as a GC routinely and they may want the work and not understand that you're being TOLD who to bring in.
I work with the guys I like and who do a good job. Having some dude try to save a buck like this would usually mean there will be mariachi music, empty Modelo cans, and shoddy craftsmanship in my immediate future. 😂
Sone contractors don’t, but isn’t it about a clarified scope of work. General contractors sometimes do 100% some times 50%. It’s no different then doing a house in phases.
🙏😷
💪
As a contractor, investor are a waste of time, rather do work directly for homeowner🤮🤮🤮🤮
Why? All investors aren't the same sir. I sure do appreciate my contractors.
It really depends on the company and investor. Someone our contractors won’t work for homeowners because they change their mind to often. We create the plan, put logical pricing in our budget, then let them do their thing. They like that we understand the process and costs and we make quick decisions (and payments).
lord no not me....holding hands of people with too much money and NO IDEAS based in reality....no thanks
So you are saying you want to work with people that don't have to worry as much about cost. Makes sense 😊
You may get to charge a lot more with homeowner/retail, but you’ll probably have 5 times as many change orders, change of mind, confusion about what needs to be done etc. My GC’s love working with me, because I give them an unambiguous plan, mostly stay out of their hair, and give them large bonuses.