First time Flipper looking for a contractor in Philadelphia

5 Replies

Hi Bigger Pockets community,

I'm new to BP but have already learned a ton from reading and listening. I'm looking to get into real estate investing in the Philadelphia area. I hate the idea of "wasting" my money on rent each month and would prefer to own to build equity instead. I have some experience in construction and enjoy that type of work so I thought a ~2 year live in flip would be a good option for me to get started. I found an off market (As-is) property in a great neighborhood at a price point that I think I can work with to get some great returns after the renovations. 

I'm looking to find a contractor, estimator, or someone who knows what they are looking for to help me get an idea of repair costs. I'm hoping to find someone to give me a half hour or so of their time that I'm willing to pay for your time in cash, food, beer, labor, or just let me know what I can do to make it worth your time. There are underground outlets throughout the home, no GFCI in the kitchens or bathrooms, one horizontal crack from floor to ceiling in the first floor with a crack running the width of the room where the wall meets the ceiling, there is a thin stair step crack on the brick exterior (seller claims the issue was repaired). It also has about a 3" in elevation sag on the ground floor in one corner. 

since I don't have a ton of capital (basically enough for 3.5% down and hopefully use seller assist for closing) I was considering using a 203k loan to fund the repairs above to basically get it up to FHA approval standards and then either do the work myself or use non 203k approved contractor for the rest of the renovations over the next 2 years.

If anyone can recommend a contractor in the Philadelphia area that might be willing to help me out it would be much appreciated!

PM me if you are still looking for GC. I have someone highly recommended. 

Originally posted by @Garrett Sowle :

Hi Bigger Pockets community,

I'm new to BP but have already learned a ton from reading and listening. I'm looking to get into real estate investing in the Philadelphia area. I hate the idea of "wasting" my money on rent each month and would prefer to own to build equity instead. I have some experience in construction and enjoy that type of work so I thought a ~2 year live in flip would be a good option for me to get started. I found an off market (As-is) property in a great neighborhood at a price point that I think I can work with to get some great returns after the renovations. 

I'm looking to find a contractor, estimator, or someone who knows what they are looking for to help me get an idea of repair costs. I'm hoping to find someone to give me a half hour or so of their time that I'm willing to pay for your time in cash, food, beer, labor, or just let me know what I can do to make it worth your time. There are underground outlets throughout the home, no GFCI in the kitchens or bathrooms, one horizontal crack from floor to ceiling in the first floor with a crack running the width of the room where the wall meets the ceiling, there is a thin stair step crack on the brick exterior (seller claims the issue was repaired). It also has about a 3" in elevation sag on the ground floor in one corner. 

since I don't have a ton of capital (basically enough for 3.5% down and hopefully use seller assist for closing) I was considering using a 203k loan to fund the repairs above to basically get it up to FHA approval standards and then either do the work myself or use non 203k approved contractor for the rest of the renovations over the next 2 years.

If anyone can recommend a contractor in the Philadelphia area that might be willing to help me out it would be much appreciated!

 I ran this thru a contractor friend.   He wouldnt want to work for someone who offers BEERs as payment.

Originally posted by @Yong Wu :

PM me if you are still looking for GC. I have someone highly recommended. 

  Thank you Yong Wu! I'll be in contact!

Originally posted by @Jody Newman :
Originally posted by @Garrett Sowle:

 I ran this thru a contractor friend.   He wouldnt want to work for someone who offers BEERs as payment.

Originally posted by @Garrett Sowle:
Originally posted by @Jody Newman:
Originally posted by @Garrett Sowle:

 I ran this thru a contractor friend.   He wouldnt want to work for someone who offers BEERs as payment.

Thank you for the feedback @Jody Newman. I'll be sure to focus on more traditional payment methods when soliciting advice in the future. However, that was not the only payment method I offered. I was simply trying to make the point that I'm willing to do whatever it takes to make that contractor happy to help me out and compensate them in a way that might best suit them. Please remember that I'm just getting started and was only trying to appeal to the widest audience as possible. I'm sorry if you or your contractor contacts were offended by this but I was certainly not trying to be offensive.  I wish you the best.

Garrett

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