244: Rookie Reply: How to Estimate Rehab Costs and Where to Find the Right CPA

Real Estate Rookie

BiggerPockets

Business, Education, Entrepreneurship, Investing, How To

4.7 • 1.8K Ratings

🗓️ 17 December 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Need to know how to estimate rehab costs, even if you’re investing out of state? For most investors, it seems almost impossible to do a full-scale renovation while living hundreds, or thousands, of miles away. But, many time-tested investors have done it (including Tony), and you can too, but you’ll need to know who to go to and what to ask before you start. Or, you could bite off way more than you can chew, and risk losing your rental as a result. Happy Saturday, rookies! We’re back with another Rookie Reply, where your snowed-in on her birthday host, Ashley Kehr, and Tony J. Robinson are here to answer questions directly from the Real Estate Rookie Facebook Group and the Rookie Request Line. In this episode, Ashley and Tony share their best tips on estimating rehab costs, how to structure a partnership when someone brings money and the other brings effort, separating your rental property finances, and how to find a rock-solid CPA before tax time! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover The easiest way to estimate rehab costs even if you’re investing from out of state How to split expenses on a rental property and which different bank accounts to have Business credit cards and how to make bookkeeping much easier for yourself Why expert investors ALWAYS buffer in more money for unexpected rehab costs How to split roles, responsibilities, and profits in a real estate partnership What to look for in a real estate CPA and questions they MUST be able to answer And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group QuickBooks Stessa MLS Lowe's Home Improvement The Home Depot From Line Cook to Long-Term Investor with 32 Wholesale Deals BiggerPockets Bootcamps BiggerPockets Forums Real Estate Rookie YouTube channel Connect with Ashley And Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-244 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This says real estate rookie episode 244.
0:05.0	If your partner is just bringing the capital,
0:07.0	if all they're doing is bringing the capital,
0:09.0	and you are doing literally everything else,
0:12.0	you're sourcing the deal, you're managing the rehab,
0:14.0	or doing the work yourself, managing the tenants long term,
0:17.0	finding those tenants, maybe you deserve more than 50%,
0:20.0	but it's all going to depend on how much work is going into that deal.
0:23.0	My name is Ashley Care, and I am here with my co-host, Tony Robinson.
0:28.0	And welcome to the real estate rookie podcast,
0:30.0	where every week, twice a week,
0:31.0	we bring you the inspiration, motivation,
0:33.0	and stories you need to hear to kickstart your investing journey.
0:36.0	And I want to start today's episode by shouting out to someone
0:38.0	who'd love to say five-star review on Apple Podcasts.
0:41.0	They go by the user name Real Estate.
0:44.0	So I like the name.
0:46.0	But they say, thanks.
0:47.0	Thank you guys so much for the info and for the inspiration.
0:49.0	This is definitely the best and most engaging slash addictive podcast
0:54.0	that has helped change my mindset and my path towards financial freedom.
0:57.0	So we appreciate you, use your name, Real Estate.
	...

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