Getting a Rehab Estimate: use a contractor?

6 Replies

Hey BP! 

so I think I found a good fixer upper for my first flip. as it is my first, how would you suggest i go about getting the best rehab estimate? should I reach out to a few contractors and ask them for a bid? should you pay for bids? if you had little to no experience, how would you decide the repair costs?

Jacob,

In your situation, you're going to want to get a bid from a contractor until you're comfortable enough to do rough estimates yourself. Some contractors may charge you for their time until they get to know you and see that you are reliable. Just think of the $50-$100 or so you may spend on an estimate as the cost of tuition at Investor University.

When getting estimates, take notes and ask questions. The more you see and hear, the better off you'll be in the long run.

Thanks for the heads up guys! I am definitely looking for continued opinions, but this definitely helps! Also, how much would you estimate to have saved up for the average flip for either a small SFH or duplex? Like 1200 SQ foot SFH. For example, some may say 20k, others 50k.
Congrats! As a contractor I would say this: 1. Write up a scope of work, and share it with all contractors, add any items they feel need added. 2. Don't be concerned about hurting feelings, discuss differences with all bidders. 3. Exclude the evasive, shady and the hard to contact. 4. Invariably there will be 2 who you are choosing between, pick the one most trustworthy and willIng to teach. He May cost more, but the educatIon will be Invaluable.