For the last 15 years, Pat Dornan has been a Maryland licensed general contractor. He is also a MD registered home builder, Project Management Professional (PMP), and is EPA-certified for safe lead removal. He bought his first investment property in 2006 and has been a full-time investor for 4 years. Prior to that, Pat was an IT professional for 23 years where he invented the Internet (with 600,000 of his friends).
In January 2017, Pat founded Serenity Software, Inc. and created Ultimate Rehab Estimator to meet a need he saw every day. Investors need to know what to look for and what the repairs/improvements to a property will cost. Contractors simply cannot go to every property with them and do estimates on each one, knowing only 1 in 50 might be closed upon. The investor is on his/her own. Well, they used to be!
All a buyer has to do is measure – exterior or interior and tell the app what they want to do. Repair, replace, build, paint, whatever. Ultimate Rehab Estimator does all of the math, produces a Statement of Work, Bill of Materials, and has a Deal Analyzer to help the investor decide if they might make a profit.
What you’ll learn about in this episode:
- Tips and tricks investors use when evaluating potential properties
- The app that can transform your property investment business
- Which book helps new investors get through the “what now?” phase of each new project
- How you can learn to evaluate a property for profit on the initial walk through – before you buy
- The importance of managing expectations when attempting a rehab and keeping them realistic
- Things to look for that may signify a bad investment
- Why high-crime areas are rarely good locations for investment properties – no matter how good the deal may look on paper
- Why you should never leave tools and materials on job sites in questionable locations
- Why you make your money when you buy, which is why it is so important to choose your investments wisely when you plan to rehab properties
- Avoiding buying properties in locations that are going to prove difficult for selling rehabbed properties