Rookie Reply: How to Estimate Rehab Costs and Where to Find the Right CPA
Description
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
From Line Cook to Long-Term Investor with 32 Wholesale Deals
Real Estate Rookie YouTube channel
Connect with Ashley And Tony:
Ashley's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-244
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