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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