How to Determine Rehab Costs on Out-Of-State, Off Market Deal?
Hello Everyone!
I'm new to real estate entrepreneurship and haven't yet closed on my first deal. But, I'm using direct mail as one of my sources for Deal Flow. My focus is on building my buy and hold portfolio.
My Situation: I live in CA, but I'm focusing on out of state properties. I sent out about 300 direct mail pieces last week and have received a few calls since. A lead that called yesterday seemed promising, but the owner is stating the house doesn't need much rehab outside of painting the second bathroom (which I need to validate before submitting an offer).
My Question: Since I live out of state, how do I determine an estimate of the rehab cost for an off-market deal, so I can then decide how much I can actually offer on the property?
I have a realtor I've been using for properties listed on the MLS, but with this one coming off-market, I'm not sure the seller will want to get an agent involved.
I have a PM, but he said no one on his team has the skillset to really provide a rehab estimate. And I have a contractor who's agreed to work with me, but I've already sent him to one property I was looking at to provide an estimate, but my offer wasn't accepted. So I'm hesitant to keep going back to my contractor for estimates on deals that might not come together.
How have the rest of you been able to get rehab estimates, on off-market deals, when you live out of state?
Thanks in advance for any help!
