Real Estate Consultant · Raleigh-Durham NC · Member since 2019 · 128 posts · 34 votes
Hello there, I was wondering if it was customary for a wholesaler to create a line by line scope of work for a property under contract that is signed off on by a GC before passing it off to a flipper/rehaber. Do any of you guys do this? Is it advisable? I heard someone on the podcast talk about doing that and it struck me as being potentially advantageous/sets us apart from the competition. Do any of you guys do this and if so what are some tips for getting a contractor to regularly provide and sign off on these SOWs? How much should I pay them to do this?
Investor · Memphis, TN · Member since 2013 · 741 posts · 845 votes
7y
Hey, if you feel like you should offer this because no one else is in your market and it will give you a competitive edge then DO IT! I will say in my experience, I market my properties to investors of all types. Some will fix an flip, some will tear down and develop, some will keep as long term buy and holds etc. Preparing a scope of work will vary depending on the exit! The cash buyers you WANT to work with are the guys and gals that don't really need you to prepare a scope of work for them.
The buyers I work with know what they are doing and prepare their own scopes. I do try and take a lot of pictures and make sure to take pictures of mechanical equipment, water tank, and electrical panel!