Meeting with potential seller

3 Replies

Hi am going to meet a potential seller within the next few days or so and I wanted to know is it a good idea to bring my contractor to meeting as well or should I bring him after I have already talked to the seller and looked at the property.  Thanks

Generally, you will bring a contractor you trust in to give you a rough estimate once you think it is a deal.  So, if the seller is already at a price point where you think it is a deal, sure bring the contractor in.  Otherwise, wait until it is a deal and have an inspection contingency.  Remember, you are going to look at a lot of potential deals in order to get one real deal.

The only exception I would make is if you have not the slightest clue what to look for and how to even get to a ballpark rehab price.  Then, it might be helpful to bring a contractor along to a half dozen leads and have them give you a rough estimate.  After that, you'll start to see, "oh, this is like that other house that would have taken $25K to rehab."

I agree with @Larry T.  ..If you know it is a deal, then bring him in right away so that you are prepared as soon as possible. If you are uncertain, I would consider waiting to bring him in. It is good to get their opinion and learn what rehab costs will be for similar projects, but if it is a contractor that you want to build a relationship with and that you like, try not to run them around quoting projects that never happen...because then when you really need them they might say "oh its just another one of those b.s. deals!"

@Larry T and @Sean Peters   thanks so much for that advice guys.  Yea Larry, I am not sure how much all of the rehab cost would be and that was the only reason, why I was thinking about bringing him to the meeting.  I will definitely take your advice guys.  Thanks for all of your help.  

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