How to you get bids?

Question

Hi All!

I am a new out of state investor. I need to make rehab for my SFH. Currently, I have A PM which is super busy. Therefore I want to speed things up: To get bids for the needed rehab.

I am not sure how to tackle it: Would you allow "stranger contractors" to get into your house (By giving them the lockbox code)?

Currently, I don't have anything really valuable in the house, but I still not sure if I feel confident with it.

What do you think? what would you do?

Thank you very very much!

John Underwood · Answer

I'd find a PM that has time for you.

Account Closed · Answer

@Idan Narotzki I found myself a great agent that specializes in working with out of state investors. He estimates rehab costs for me. When I see a property I’m interested in he’ll go out and take a contractor with him. Find yourself a hard working agent that only works with investors. Unlike homebuyers, we are repeat clients. If he puts in the work for me I’ll buy every property through him. Also, the contractor gets a steady stream of business, so it’s worth it for them as well. It’s all about incentives. It would be difficult to find a contractor willing to give you a scope of work on a property you aren’t sure your going to buy. Unless you paid them $500 a pop to go out but that would get expensive real quick if you’re analyzing dozens of deals.

James Wise · Answer

I don't think that you are looking at this from a rational viewpoint. If a company in any industry has a high demand there is a reason for it. You simply writing them off for being in demand doesn't make any sense. Likewise a company with very little demand has very little demand because they are either unproven or proven to be ineffective.

James Wise · Answer

I wouldn't jump to that conclusion so quickly. A company that is in high demand is usually in high demand because they are very good at what they do. The same goes for a company that is in low demand and can furnish a bid at the drop of the hat.

Dean Letfus · Answer

Stick to people you can trust, they're probably busy  because they are good at what they do.

James Wise · Answer

Well now you are just inserting your own facts into the argument. Who said that the O.P's company has a poor reputation? We have not been given that fact. From what I read they appear to be in high demand. Furthermore nobody said that the O.P's company wouldn't provide good service. Only that you would need to wait for it. Many top doctors are booked out for months at a time. Because they are in high demand. You won't win a debate by inserting new facts or changing the facts presented to justify your position.

John Underwood · Answer

If a PM can't take care of my needs then I don't care how good anyone else says they are. But that's just me.

Account Closed · Answer

@Idan Narotzki Also, I just noticed you live in KC. Why bother investing out of state? You live in a cashflow market.

Idan Narotzki · Answer

Actually, I  currently reside in Israel. My focus is KC ...

Noah Mccurley · Answer

@Idan Narotzki

I would ask a trusted person in that market that you used in the buying process eg. An agent or lender for their advice on contractors. They usually have the experience in a market and they know who does the best work.

How to you get bids?

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