Hello, my name is Vince Ponath and I’m very new to home investment. I have worked in many different construction and design fields for the past 12 years and have yet to purchase my first home. I’ve been learning all I can for the past 3 months now and the biggest trouble I have run into is closely related to my expertise. I am having a hard time understanding a close to exact price for a rehab before putting an offer down. I know how to complete many forms of construction, but I don’t have much experience bidding out jobs for whole homes. Not many contractors I have talked to can provide me with a quote without first walking through the home with me, which I can’t have happen until I purchase the home. With this being my issue, I’m looking for a person with experience in pricing out different scopes of work for entire homes. Being over priced in your estimate is not bad for me as long as it is based on experienced. I know how to provide detailed information and what questions to ask, I just don’t know the average prices for the greater Seattle area. Any help would be much appreciated.
Hard to say Vince but I'd very aggressively develop your soft skills and make sure you get exposure / experience related to this gap you've identified.
I also don't often see the best fit for a first purchase as being something that requires a lot of time/work. Your greatest strength is your greatest weakness!
I’ve done 3 whole house renovations in Seattle and would be happy to look at any home you’re interested in. I’m not a contractor and would not be doing the work, just a realtor who likes to get his hands dirty.
PS: who says you can’t get a bid on a house you don’t own? We’ve walked through plenty of homes on the market with a contractor in tow and had bids in hand before making (or choosing not to make) an offer. That’s not a problem, and I’d say it’s necessary if you or your agent don’t have enough rehabs under you’re belt to be able to ballpark estimate the cost.
Feel free to message me with questions or to meet for coffee in Seattle. Cheers!
Thank you Jim for your words of wisdom. I’ll take your words to heart.