Trouble getting rehab quotes on short notice?

Question

So I'm in contract to buy a duplex, my first rental property.  We had 5 days on the inspection contingency.  I had the inspection on the third day, found some things that need work.  My realtor got an extension for an additional 5 days.

I've had serious problems getting contractors to see the place and give me quotes on short notice.  I scheduled three after calling 15-20 numbers.  And now two of the three have cancelled on me.  Its now too late, I need to get back to the sellers by Tuesday.

My specific question is, what do you tell contractors when you don't own the house yet?  I feel like I'm unintentionally telling them I'm not worth their time.

I usually say something like "I'm looking for a contractor to come take a look at the house, I need new windows, there's an overhang that needs fixing, and some possible cosmetic work in the kitchen.  I need someone to come out by Monday night at the latest because I'm in contract to buy the house and I need to get back to the seller".

Do I just have poor luck or should I be more forward that I'm looking to pay them to fix this house?  I thought that would be assumed.

Matthew Paul · Answer

Time is money , I dont want to run around quoting prices on short notice to someone who doesent own the house for free .  Offer to pay for the estimates .  Honestly ,  you should have talked to contractors before you even looked at the property , just to see if they would be interested in doing your work . The majority of contractors probably do residential work straight for the homeowner , ( much better $ ) . Typically , ( not always) investors want quick , cheap and good .  Thats not the type of work most contractors are interested in .

Tony Otis · Answer

He gave me a list of 6 contractors to contact.  I called them all, including whatever came up on google.

Account Closed · Answer

@Tony Otis  Doesn't your realtor know a contractor that can look at it?

Matthew Paul · Answer

You will need to learn what things cost so you can estimate close yourself

Tony Otis · Answer

I guess thats why I'm posting.  What do I say then?  Do I leave out that I don't own it yet? Seems dishonest.

I would put the odds that I will purchase this house at 75%, it's likely that I'll buy it and hire someone to fix it.  I guess I'm probably not getting that message across.

Matthew Paul · Answer

Tony , when you say this to a contractor , its like saying  , Will you rush to come out and waste your time looking at a house I might  buy , and maybe I will hire you to do the work .

Matthew Paul · Answer

You need to build a relationship with a couple contractors  prior to looking at anything .  just calling random contractors wont work . You need to have a relationship with a couple contractors now , not when you get a house under contract .

How much to pay ?  What ever the contractor charges .    If you want a full blown written est detailed , thats going to be more money , but more accurate . If you want someone to walk the house and shoot from the hip that will be a bit cheaper , but less accurate .

Tony Otis · Answer

How much would you recommend to pay for the estimate?

I don't know how I could possibly talk to a contractor before I look at the property.  I wouldn't know what I would need from them yet, and I'm touring 10-15 properties a week

Once I tour the property, it seems I have to get an offer in within 48 hours or so, I've already lost out on 5-6 houses I was interested in because I waited too long.  I guess if I were to do it again, I'd start contacting contractors the second the I get the message that my offer was accepted.

John Brinkos · Answer

It seems like this ties back to establishing relationships.  We are all in business and it cost time and money to give an estimate.   After you have worked with them on a deal or two and solidified the relationship it should get easier...and cheaper.

Zana Blue · Answer

Is it a white hot market ? I know here ....I can not get an electrician or plumber or dry wall company to give me quotes on a rehab...I will end up paying double or triple to anyone who will just show up ! That said good advice to get a handyman !

Trouble getting rehab quotes on short notice?

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