166: Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard

Real Estate Rookie

BiggerPockets

Entrepreneurship, Education, Investing, Business, How To

4.7 • 1.8K Ratings

🗓️ 19 March 2022

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to part two of a rehab estimation masterclass with real estate mogul James Dainard! As mentioned in part one, James has created a multi-level brokerage where he has been involved in 3,000 transactions. His excess experience has allowed him to create an almost scientific process for his flips. In today’s podcast, James builds off part one and gives you a step-by-step guide on how to emulate the process that has given him his success. James goes over what and who to bring when visiting a property, closing on a property, writing a contractor contract, and finalizing a project to perfection. Each process includes tedious details that may seem daunting at first, but as the saying goes, the devil is in the details. While the initial steps may seem meticulous, once you begin making the process repeatable and do it continuously, it's second nature. James perfected his flipping and renovation processes through trial and error, and if you listen closely you can avoid commonly made mistakes and have an advantage over most new investors. To be the best you have to learn from the best—so listen closely! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast Rookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Biggest Red Flags When Buying a House (Flips and Rentals) Apple BiggerPockets Youtube Channel BiggerPockets Luxury Farmhouse Flip | Breakdown Walkthrough - w/ Ashley Kehr Check out the full show notes here: https://biggerpockets.com/blog/rookie-166 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, episode 166.
0:05.5	Yeah, there's all these signs that you can do as you're working with your team members,
0:12.2	right?
0:13.2	If you're called to just try and charge you for that, here they won't give you pricing
0:16.7	breakdown.
0:17.7	Probably not here, guys.
0:18.7	That's a sign.
0:19.7	Stay clear from that person.
0:20.7	You need to work off facts.
0:26.0	My name is Ashley Care, and I am here with my co-host, Tony Robinson.
0:30.5	And welcome to the Real Estate Rookie podcast, where every week, twice a week, we bring you
0:34.1	the stories, the motivation, the inspiration to get you started as a real estate investor
0:39.1	or keep it going.
0:40.1	If you feel like stopping, so Ashwood is going on today.
0:44.0	So today, we are doing part two of Rehab and Construction Cost Series with James Daenerd.
0:50.8	So if you guys haven't listened to that, go and listen to that episode released on Wednesday.
0:55.8	And we are here now for part two.
0:57.6	Tony, do you want to kind of recap what part one was about?
1:00.7	Yeah.
1:01.7	So part one was one of my favorite episodes we've done so far.
1:03.9	We've had some amazing guests, but James really gave like a master class on estimating
1:09.3	your rehab costs, on building your team, how to find contractors, how to find general
	...

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