Contractor Rehab Estimate Help!

[Redha Laafia]

Good morning Guys!

We've started our journey in REI with my partner and are actively looking to get our first deal (SFR - 3 bed 1 bath).

We look at a ton of deals on the MLS everyday and pre-select properties that we want to see in the weekend with our agent.

Inexperienced, we had a lot of troubles identifying the real problems to fix in those houses and even worse to estimate rehabs. I feel like we would be better off having a GC walk the house with us, but is it the normal procedure?

Let’s say I visit 10 homes on a Saturday, would you ask your prospective GC to walk them with you the whole morning? We feel like this would be too much.

I am eager to hear from other investors strategies on how to estimate those repairs/rehab.

Thanks All!

[Tyler Rasmussen]

You can always make an offer contingent upon estimates from your contractor. Then if you get the purchase agreement accepted, you still have an out if your estimates are way off. That way, you only have the GC spending time on places that you have accepted purchase agreements on. That'll narrow it down so the GC isn't trying to put together dozens of bids on properties that you may not purchase.