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BRRRR - Buy, Rehab, Rent, Refinance, Repeat

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Griffin Malcolm
  • Schenectady, NY
38
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38
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Getting Bids From Contractors

Griffin Malcolm
  • Schenectady, NY
Posted Sep 21 2023, 09:34

How do you guys actually go about getting bids from contractors for rehabs? Is it before you buy or after? Seems risky waiting until after the purchase when holding costs will start to pile up, but it also seems silly for the contractor to walk the property with you, write up a detailed scope of work and risk the buyer not actually completing the purchase. Do you pay a contractor money each time they walk a property before hand?

I'm comfortable analyzing a deal, I understand I'll need to get an LLC in order to get a short-term loan, and I know I'll need to find a lender for the refinance, but sourcing bids is what is currently hanging me up. Any feedback would be appreciated. Trying to get all my ducks in a row so I can actually look at some properties with intention.

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