New Milford, CT · Member since 2018 · 4 posts · 0 votes
Interested in taking on our first real estate project and have our eye on a short sale that needs A LOT of work. WIthout prior experience flipping, what are the best ways to estImate and strategize how much rehab wIll cost up front (resources, professIonals, etc?)? The house has good bones, but has “toxic mold”, an old septIc, broken well pump, etc etc. Any advice greatly appreciated.
Definitely get specialist opinions for the big ticket and specialty items like mold, septic, and the well. If you are just starting out you can walk the property with a contractor for the rest but if you end up not buying the property expect to pay them for their time when you have them do a walk with you unless you never want an estimate again.
There are actually books out there that give remodel costs. Not sure how accurate they are, but it's probably better than nothing. The best way is going to be getting 3 itemized estimates from local contractors.