Jul 26, 2021
โThe goal is not to not make mistakes. The goal is to never make the same mistake twice.โ In this episode, let's welcome our special guest J. Scott and learn how to estimate rehab costs.
J.Scott has bought, built, rehabbed, sold, lent-on, and held over $70M in property all around the country. J is the author of four books on real estate investing, with sales of over 250,000 copies.
And... today you'll hear J Scott's story behind his success and learn actionable tips and key metrics that will help you along your journey. The stories shared will inspire and the content will help expedite your learning.
Watch/listen to the full episode as J's answered our HOT SEAT questions directly to the point!
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03:01 In 2008, J and his fiancรฉe Carol quit their corporate
jobs, moved to Atlanta, and give a try to flip a house even without
any experience in real estate.
5:45 A day J and Carol got married and closed their first real
estate deal!
10:54 Mistake #1 - Overpaid the property
10:50 Mistake #2 - Underestimated our rehab costs.
13:43 Mistake #3 - Underestimated the holding cost
16:39 Mistake #4 - Overestimated the resale value of the
property.
11:28 As a newbie how does J. analyze the property?
17:25 Jโs One piece of advice for every real estate investor!
21:01 How important is it to have your spouse working with you?
31:08 Brief overview in Jโs book on how to estimate the rehab
costs?
41:54 Doing 500 Flips, in 2017, why J. Scott stopped flipping
houses?
42:57 Transition to Syndications Investing Deals
44:56 Details in first Syndication Multi-Family Deals and new
opportunity for partnership.
47:55 A tremendous value of having a partner.
53:53 The Hot Seat
1:03 The BiggerPockets Conference #BPCON21 awaits you!
Listen and learn so much moreโฆ.
TWEETABLE QUOTE:
โThere are no shortcuts, there's no easy way to learn how to estimate rehab costs.โ - J. Scott
โGive value today. You'll get value tomorrow. โ - J. Scott
Connect with J.Scott
https://www.facebook.com/jscottinvestor
https://www.instagram.com/jscottinvestor/
https://www.linkedin.com/in/jscottinvestor/
www.ConnectWithJScott.com.
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