Updated over 18 years ago on . Most recent reply
Get control of contract
I looked at a house yesterday that I really though had some potential for a flip.
What I want to know is this:
Should I fill out my own contract with my stipulations?
What I want to do is get a general contractor in the house with me and inspect the whole house and see what he would charge. Then do that to a few other contractors and take the lowest price.
Now in my contract I should be able to state that it is contingent on the repair costs being less than x dollars.
I would also want it contingent on financing.
Does this sound like a reasonable approach?
I basically want 4 or 5 days to inpsect and get this all done.
This house is for sale for 12K. I did a quick visual and dont' know if the elctric or plumbing works.
zillow shows comps of 37K in that neighborhood. I highly doubt the house would need more than 12K in repairs.
What do you think I should do. I really want to get my feet wet and learn this stuff but it seems that unless I go out and do it, i wont' learn.