My colleague and I are planning to start flip investing in Indianapolis very soon and we are looking for reliable contractors and/or project managers. Also, since we will be buying from wholesalers we would need contractors who would be willing to go into properties and give us a reliable estimate / scope of work quickly so we don't lose out on a good opportunity. I'd appreciate any other suggestions for getting estimates and scopes of work quickly.
There is a local company called Bildwise that offers project management services. They also offer a scope-of-work service but it could take up to 72 hours, which I think may be too long to move on a property quickly.
I am wondering if anyone has an opinion of whether it is feasible to work directly with a contractor without having a separate third party project manager. These renovations would be out-of-state / out-of-country projects since my partner and I are both located in Toronto. We both have real estate investing experience in the United States and have done remote flips in different locations, but I realize it's always best to have boots on the ground. The key question is whether we could find a good and reliable contractor that we can work with directly.
Thank you in advance for any input on good contractors / fast estimates and construction management issues in Indianapolis.
Looking for virtually the same thing. Following. I'm a bit closer than Toronto but still out of state. But please let me know if I can help in any way, because I plan to visit Indy within a few weeks.
Hi Jeff, we are in the same position. I am also planning a research trip to Indy over the next few weeks. Why don't we have a chat about this in the next couple of weeks? Feel free to PM me so we can set something up.
That’s gotta be tough. Without paying someone to do it for you, it’s hard. 72h is not that long, for a reliable, complete sow. that is even a crunch timeline.
Thank you, @Manolo D. , for your input. My concern is the timeline for getting a scope of work / estimate when buying a property from a wholesaler. I would imagine that other investors might be able to move on a property quicker than 72 hours. I am not sure how to get around that. The Scope of Work service mentioned above is a paid service as well, so I realize that it will be necessary to compensate a contractor for their time in creating the S.o.W. / estimate.
@Suzanne P. I assume so. Try to search for an estimator instead of a contractor, usually estimators are 9-5 jobs, and probably he can visit the property and make estimates/sow same day or next day. But still I believe the 3 days is still a crunch.
@Suzanne P. Even if you find recommend a really good contractor to work with, first time out I would highly advise having a project manager. Someone who is overseeing the job and working with the GC to address all the various issues and surprises that come up is invaluable. The added risk of doing a flip at a distance can be mitigated with an on the ground person looking after your best interests. Bildwise also finds the quality contractors and in theory keeps them on schedule and within budget. I say in theory because I haven't worked with them just yet, as we haven't found the right project in the right time frame.
As you alluded to, the Indy off market inventory of distressed properties in the good areas is very competitive right now, and what I observe is flippers and BRRRs taking bigger risks with smaller margins for profit and errors.
Thank you for your input, @Larry Fried . Yes, we will definitely be using a project manager on our first few properties; I think its definitely worth the money to have an expert on the ground managing the construction process with vetted contractors. I also find markets are tight in many areas with investors competing for inventory which makes it much harder to do a flip. I fully appreciate and agree with your comments.
@Suzanne P. Even though it's been a few months since this thread was initiated, I'd still like to take you up on the offer to chat about your recent efforts and mine in Indianapolis. I'll message you.
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