You have home renovations in the pipeline…but who’s going to manage them? Do you need the expertise of a general contractor, or can you manage tradespeople yourself? With so much at stake, including your budget and timeline, we’re here to help you make the right choice!
Welcome back to another Rookie Reply! In today’s episode, we’re bringing you expert tips to help with your renovations, from hiring general contractors to structuring agreements and more. We also talk about what to do when you’ve got around $100,000. Between house hacking, flipping houses, the BRRRR method, and other tactics, the sheer number of options can seem overwhelming. But not to worry—we’ll point you in the right direction! Feel like it’s too late to invest? We’ve got some expert investing strategies to share, even for a late starter. Finally, we discuss some creative ways to buy rental properties, including seller financing, DSCR loans, and more!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, 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
Hiring a general contractor versus self-managing your home renovations
How to choose your investing strategy (for new investors and late starters!)
Three types of general contractors (and which one to hire for YOUR project)
How to structure a general contractor agreement (and what to include)
Creative ways to buy rental properties with a high debt-to-income (DTI) ratio
The advantages of seller financing and DSCR loans over conventional loans
And So Much More!
(00:00) Intro
(00:41) How to Invest $100K
(07:14) Hiring General Contractors vs. Self-Managing
(16:34) General Contracting Agreements
(22:39) Is It Ever TOO Late to Invest?
(29:06) Investing with a High DTI Ratio
(36:45) Send Us Your Question!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-422
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Real Estate Rookie