Wholesaler · Washington, D.C · Member since 2011 · 449 posts · 94 votes
Over the past couple of months my partner and I have came very close to actually going through with a rehab. Well last night my realtor told me about a property that his family member was selling and was willing to entertain investors. So, today I went to take a look at the property and it looks like it may be a good deal but I'm unable to figure out how much the rehab will cost.
So, this is where I need you guys help. How do I find a general contractor that will complete this job? I want to get several bids on the property before I get it under contract so that I know what I'm getting myself into.
Mike, what's the zip code? 23222 has a lot of rehabs sitting on the market.
I have a great plumber, electrician, painting, siding and window guys. I also have a local realtor who knows the REO market well. If you need him I know a fellow BP member who works as a GC for other flippers too.
Send me an email and send you phone number. Send the address of your property. Also let me know what you want in a property. I drive all over looking at properties.
Also, when working with a general contractor do you have to know the scope of work that you want done? Or, can I simply tell them I want this property ready to sell retail but I want it done as cost efficient as possible?
Having a scope of work is important for when you are having multiple bids on a project. If you don't specify the work to be done, each bidder will have some different set of tasks in their bid, and your ability to easily compare those bids gets muddied as a result.
You could take a detailed estimate from one party and then use the items from that estimate as your initial scope of work, so that you have a starting point for comparisons. You can expect that when you have a number of contractors go over a project, that some will point out things that may have been skipped by other bidders; you then would have to consider whether to add those things to your scope of work or not.
Before anybody can figure out how expensive the repairs will be, the list of repairs needed (i.e. a scope of work) first has to be defined.
for a first flip, you should not get in on something that has led paint and sagging floors. get something that needs cosmetic work. otherwise, you will lose big money.
if you dont know what things cost and how much cash it would take to make it work, you are not ready for a big flip/rehab. get an easy one first to get your feet wet.
It's also important to know what materials cost so you have a labor break-down. I often buy the materials myself and deliver the small stuff (light fixtures, sinks, faucets, etc,). I buy the appliances and have them delivered. My contractor does the install. I compare big box stores for flooring (they are having great deals on install). I know what I want and what it should cost, but I do keep informed and get other quotes. I don't hesitate to copy what someone else has done.
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I wrote a book, Vacant house to beautiful home. It is in editing right now. I will see if it is cleaned up enough to send you a digital copy. I would be happy to put a link on here to give it out to everyone if it is not considered self promotion.
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Rob,
There are a couple of alternatives that I know of to have a link that does not end up as a forum violation for self-promotion.
One way is to have the link in your signature block. Downside to this is that if you change your sig, you could alter the link (inadvertently or deliberately).
The other (probably better) way is to place the link in the Classifieds or in the "promote your website" forum (that is really where such links belong). You actually are permitted to self-promote in those forums, because after all people know they are reading an ad. If the link ever moves, you can update the thread with a fresh post to the new link location if you choose this route.