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

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

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