I am looking for contractors with a team specializing in full rehabs, including plumbing and electrical, in the Tampa area. Someone with experience working with House flippers is preferred. I would like someone that is willing to meet me at potential properties and give me an estimate.
@Samir Abrahani I have a personal friend of mine who is a contractor. He grew up here and many projects incl subdivisions. Are you new to rehab? I read your profile. If you only want an estimate, I am not sure he will help. It sounds like you want to rehab. Please clarify specifically what you want.
Account Closed Sorry about the confusion. Yes, I am looking to do a rehab and not just get an estimate. I have done a flip before and rehabbed some rental properties so I am not completely new to it.
Have you tried to do the GCing yourself. If you hire the skilled trades that can pull permits you can have you handyman do the rest. I personally do not hiring GC because you are hiring a middleman to put workers on your project. I much rather save the money and hire different trades to do what you need.
@Kevin Mika I need to be able to know how much the entire project is going to cost me before I make an offer on these distressed properties. For that, I want to be able to have one person come out and give me a figure as opposed to individual people, its just a lot more easier that way. Thoughts?
@Samir Abrahani let's talk ! I spoke with my GC. He also does the work. Plus if you are a buyer that will be great!
I would say get 2-3 GC’s to come out and give you a price on the complete rehab but do not let them know you haven’t made an offer or that you haven’t even put a bid in. Your essentially wasting their time gaining knowledge from their experience. I’m sure the GC knows that they are not getting the job on every job they bid on it’s just part of the game. But most of the people who are getting quotes from GC and contractors on jobs have the house in some type of ownership or at least under contract.
The other issue I’m seeing is most GC’s are extremely busy and don’t need the work so they are throwing higher numbers out then they should. If they get the job great if not they still have plenty of work. So your numbers are not going to be actual.
Also if you don’t learn on to estimate cost yourself you will be taken advantage of by most Contractors I would suggest you take the time to learn “I know it’s not the easy way” and that way you will have a understanding of your real cost if you decide to rehab or self or hire a GC. Have you read JAy Scott book on estimating rehabs?
The way I learned is to simply sit down with a spreadsheet and pad of paper and figure things out. It takes time in the beginning but now I can walk through within 30 minutes have a rough budget. If you have any questions regarding certain parts like electrical or plumbing sit down with a plumber or have them look at a job and give you a bid. To me learning now is easier then paying for the knowledge later by not knowing your numbers
You said you want to do the work. What part of the work do you want to do? Manage the flip, actually swing the hammer and paint?
If you don’t want to take the time to learn the number inside and out and you only want to make money by flipping then you can partner with a flipper and or be the financial partner who still make good money. If you have questions on that let me know and I can go into more details.
@Kevin Mika My GC wants the work. Will roll up his sleeves and can run circles around most GCs and I put all my reputation on that. He has a moral compass and will give the best quote to save time and money. Plus he lived here all his life. He is not too busy which is why I am contacting OP. Yes OP should learn the costs which will be smart to do and that takes time.
Also get the professionals who have the knowledge to do what they do and let them teach you. Read E-myth.
@Kevin Mika Shame on you for lumping GCs in one bad basket. I could state that about RE agents. I viewed your profile and perhaps you will be a buyer for me.
In my opinion any estimate like that is inaccurate. In my personal experience - I bought my first property and GC estimates before I out the offer in was $250-300K for the rehab. After I got the architect plans together, I got 3 estimates, ranging from $360-600K, obviously throw the high one out. Then, I said to the best and lowest guy lets bring that 360 down, by subtracting a few things. We got down to $330K and signed the contract, where he budgeted line items himself. Now that all the finishes are picked by me, the rehab is actually somewhere around $350 because for our area and fast sale, you have to spend a bit more, in my opinion. Cheap finishes just don't sell, even on new rehabs. I think this is a do-learn kind of industry.
@Kevin Mika Kevin, I agree with you that GC's might consider it a waste of their time if they know I don't have the project under contract, but that is exactly why I reached out to BP. I want to be able to work with one trusted GC for all future projects, with the understanding that certain bids they provide could be a deal breaker. I am looking for a partnership, not a one and done deal.
I actually placed an order for that book a couple of days ago and plan on finish reading it by this weekend. Thanks for the tip!
Contact my friend Tony Damiano at turns4rentals.com. He has been helping me for years.
I did put the word MOST in the post so I was not lumping all GC’s in the same basket and yes that goes for agents, brokers, lenders and just about any other field I have networked with. I can only base my comment on my area and with the conversation I have had with other investors in my area. So if your GC is slow this might be a great opportunity for him.
Thanks for clarification @Kevin Mika . My GC is busy however he is very capable of adding crews as needed. I rarely refer and this GC is upstanding.
We have yet to find a GC that is worth 2 cents. We don't trust 99% of them, we recommend finding good subs and hiring someone as a project manager or doing it yourself. We've been bankrupt on, burned, etc and even ones that do a good job for one or two, eventually drop the ball and are fired. The biggest issue is paying too much upfront and not getting lien waivers after each payment.
@Jeremy Kloter when do you need a GC? Are you in need today or next week or next month???
Account Closed Thanks, just saw this. We are ok right now we handle it ourselves.