Wholesale Steps

1 Reply

Hello everyone. I keep reading post on wholesaling saying get a buyer's list find a property, get it under contract, and assign it to your buyer for a fee. My question is after I find a seller do I first have a contractor (I'm an IT guru, so presently do not know the cost of replacing a floor) come out to determine the estimated repair cost before negotiate a price with the seller? Or is the 1st thing I want to do is get the property under contract?

@Parker Odoms You definitely need a contractor to walk the property with you before you put any offers in if you can't estimate rehab costs yourself. If you don't get the property at the right price you won't find any buyers.

2 ideas:

1. Read J Scott's BP book on estimating rehab costs

2. Contact 3 or 4 contractors, tell them what you are doing, and ask if you could pay for them to walk the first few deals with you to give you price estimates. Even if you are paying them $200 or $300 per visit that could be a valuable education on how to estimate rehab costs, and a lot cheaper than getting a property under contract that you can't sell. .

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