The input that determines whether a hold works, estimated more casually than any other number in the analysis.
Between wholesaling untouched and renovating fully sits a third option most investors never price, and it frequently beats both.
Buy, renovate, rent, refinance, repeat. The analysis is more fragile than most, because everything depends on a number nobody controls.
The quietest line in a deal. Nothing invoices them, and they accrue every day whether or not anything is happening.
Investors get bids and compare totals, which tells them almost nothing. Three quotes for different work is not a comparison.
The list of everything that has to be done, written before anyone starts. The difference between a number you guessed and one you can defend.
The number most likely to be wrong, wrong in the same direction every time, and checked by someone whose money is at stake.
Every other article explains how to get capital. This one is about the deals where the right answer is not to.
The most expensive capital most investors use, and the least understood. It turns thin deals into losing ones.
Investors approach lenders with a property and a story. Lenders are evaluating something narrower and more mechanical.
Partnering solves capital and experience at once. It also creates the arrangement most likely to end a friendship over a deal that made money.
The phrase attracts more dishonest marketing than anything else in this business. It is also a real question with real answers.
