Contractor references for Twin Cities 203k loan flip

3 Replies

Hey BP folks,

Looking for licensed general contractors in Twin Cities Metro! (Minneapolis/St. Paul)

I've flipped a couple houses on my own, but I am currently in the process of finding a flip(or possible BRRRR) with the possibility of using an FHA 203k loan on some of the rougher properties. I have some i'd like to pursue, but to make an offer I'll need a simple bid from a licensed contractor, and then upon acceptance of an offer a more thorough estimate to get the final approval of the loan.

I’d love any references for a general contractor in the twin cities metro that would be willing to work with on a flip using a 203k rehab loan.

I appreciate any help!

Every good GC I know is booked up 6-12 months.  If you are just bringing in someone to help you get an idea of costs- be prepared to pay them

@Jesse Lynch I am with Bruce, most I know are booked solid.  Your best bet will be if you can find a new GC who can squeeze you in but if you are expecting him to bid properties before you buy them you should expect to pay a fee.  @Victor Lebegue is this something you would be interested in?

Related to the discussion, in a competitive market you may find it is hard to use this loan product.  From what I understand it takes longer to close on these loans and their are more hoops to jump through so as a seller I may be willing to take a lower amount to lock in with a more guaranteed sale.  You may want to consider looking at other financing sources so you aren't limited to one loan product.

@John Woodrich @Bruce Runn - I appreciate the insight! It hasn’t taken me long to realize the 203k isn’t a very competitive offer in this market. How much would you expect to pay a contractor for the simpler, not itemized first bid that would be used to get the 203k pre-approval?

I would obviously love to garner a relationship with a newer, hungry contractor, but I get that in this market anybody worth a darn is probably super busy.

I do believe a partner is in my future.

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