Do I secure the property before the contractor?

[Sharaya Rutherford]

Hey BP,

I'm in the process of gathering the information and financing to start my first flip in Augusta, GA.

I have a very "newbie" question. When do I get quotes from contractors? Do I have to secure the property first and then get quotes? The hard money companies I looked at so far ask for an estimate of repairs so that didn't seem right. Can I just send the companies pictures of the listing from the MLS? Is that normal?

Help please!

[Jeffrey H.]

You should have the property under contract before you get bids, otherwise you're wasting your time and the contractors.    Whereas if you have it under contract and the repairs come in higher after inspections, etc, then you can ask the Seller for concessions based on information not disclosed, etc.

You will get better at high level estimates with experience, but until then you have to make an educated guess and then firm that up with bids after you have it locked in.