Hi- If I’m a buy and hold out-of-state investor making offers on properties, at what point in the process does it make most sense to send a contractor or an inspector to inspect the house in order for me to determine the approximate rehab costs? Would it be right after I receive a counter-offer? Second, what instructions would you give the contractor/inspector to ensure you get the most out of the assessment? Keeping in mind that a contractor may exaggerate to make a house seem it’s in worse condition than it really is. Thanks!

You’d send an inspector most likely after you have it under contract. You can probably send a contractor before or after it’s under contract.

Buying out of state is one thing, managing a rehab from a Far is much more difficult. Just something to consider

@Minhaj Choudhury

You need to get the property inspector booked right after you and the Seller sign the Sales Agreement because you only have a certain amount of time to conduct all of your due diligence.  You also need to have exit contingencies in your Sales Agreement in the event that something comes up and you want to back out of the deal.

In answer to what makes the most sense in regards to a contractor or inspector, both would be ideal but if you can't, an inspector is fine.  If you take the time to research and get a good inspector, a lot of your questions regarding assessment and rehab costs would actually be answered by that individual.  Make sure they have experience in the types of properties you are looking to buy and being licensed is a plus.

Thanks @Caleb Heimsoth and @Steve Kontos !

In that case would it be possible to renegotiate the price if there isn't any super concerning in the inspection report but I think "Wow, I underestimated the rehab cost" ?