Estimating renovation costs

[Willis Seng]

Ok, well... Ive never flipped a house before, I have no idea what supplies and materials cost, and I dont know what's a good price for a decent contractor. How do you guys figure out this cost on your first flip?

[Timothy W.]

And by the way, understand that for a contractor, time is money. Disclosing whether or not you own the property is a common courtesy as some contractors have a policy of not bidding work for people who don't own the property. It stems from hack wholesalers wasting our time and resources wanting bids on something they're never going to do.

And yes, I've been lied to by someone who didn't actually own the property. And yes, I told them to go screw themselves next time they needed help from me. And yes, they hired a contractor who was just as dishonest as they were and got screwed by him.