165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)

Real Estate Rookie

BiggerPockets

Entrepreneurship, Education, Investing, Business, How To

4.7 • 1.8K Ratings

🗓️ 16 March 2022

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to part one of a rehab-estimation masterclass with real estate mogul James Dainard! James has earned his title by being involved in 3,000 transactions over the past fifteen years and creating a multi-level real estate brokerage. He has mastered the art of estimating rehab costs which has allowed him to invest on a seriously large scale. Currently, he is working on thirty flips and has 400 apartment doors under construction, so not only has he had past successes, but he is consistently learning and adjusting to the rapid changes of the market. James is an investor to not only learn from but to emulate, and today he gives a step-by-step guide to do just that. James breaks down renovation steps like building a team, getting a budget sheet together, and vetting workers, contractors, and properties in vast detail. The underlying theme behind each of his steps is meticulous preparation. As an investor, one of the best things you can do for yourself is to prepare and get rid of any variation in your processes. By perfecting his preparation processes, James has been able to minimize variation and save himself in the long run. Do yourself a favor and listen to these next couple of podcasts intently— it could save you serious time, headache, and money in the future! In This Episode We Cover How to find a contractor that aligns with your project’s budget and goals How to vet contractors so your time (and theirs) is respected on a job The “plug and play” method and how to break down your scope of work How to organize your budget sheet and estimate rehab costs efficiently What it takes to master flipping, BRRRRing, or any home renovation And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Podcast 338: From Red Robin Waiter to 250 Units (Using the MLS) with James Dainard BiggerPockets Real Estate Rookie Podcast Connect with James James's Instagram James's Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-165 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, episode 165.
0:05.3	I always tell people there's two ways you can learn construction, you're either going
0:11.4	to lose a lot of money and you're going to buy that thing and you'll figure it out
0:14.4	the hard way.
0:15.4	Or you can take baby steps and start interviewing people, talking to people, but also go
0:20.0	out and start shadowing with investment companies.
0:25.5	My name is Ashley Care and I'm here with my co-host, Tony Robinson.
0:30.2	And welcome to the Real Estate Rookie podcast, which is, in my opinion, the best podcast
0:34.7	on the planet for me, Real Estate Investments, because every week, twice a week, we give you
0:38.5	the stories, the inspiration, the motivation to kickstart your Real Estate investing career.
0:43.9	And if you're already investing, hopefully we're giving you the motivation to keep going
0:47.2	and building even bigger, better, real estate business for yourself.
0:51.0	So what's going on today, Ashley?
0:54.0	Not much.
0:55.0	We just got a ton of snow in Buffalo.
0:57.5	It was a holiday yesterday, so if it wasn't a holiday, all the kids probably would have had
1:00.9	a snow day.
1:01.9	But all my friends and their kids went asking and snowboarding in the fresh powder and I
1:06.9	just sat at home and potted because of my bum knee.
1:12.6	So I do, I am having surgery, February 10th, so I think this episode will have already
1:17.9	aired by then.
1:18.9	Or won't air, or the surgery would have already happened by the time this air.
	...

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