Involving GC on Rehab Estimate

[Claire D.]

Hey BP,

I am very interested in flipping homes but the daunting task of estimating rehab costs with no experience is the biggest hurdle. I read in The Book on Flipping Houses a recommendation to hire a GC (or perhaps experienced rehabber) to walk potential properties to give you insight on the things they look for and help assign a ballpark rehab estimate. If the rehab estimate numbers work, proceed with getting the house under contract. Once under contract, use the inspection and formal contractor/sub bids to create a more accurate rehab cost. Here is my question...

Does anyone have experience with hiring a contractor with rehab estimates prior to getting the contract? What was your experience and how accurate was the initial estimate, if you followed through with the flip? 

Thanks in advance!

[Kuba F.]

@Claire D. 

I hope the site has been useful to you.

Speaking as a Realtor, I wouldn't worry too much about your reputation with agents, especially if you intend on purchasing something. With the crazy competition right now agents have to work much harder and there's a certain expectation that more offers will fall through anyway. 

Although most agents don't invest, there are some out there like myself  that also flip and should be able to guide you with your estimates.  Find one of those, likely at your local investment meetup.