first of all kick that handy man to the curb and find one that you can trust this person comes in contact with your tenents…and buys materials so if you have any doubts get someone else…NOW…also go to the local lumber yards and talk to them find one that will give you a contractors accounts…that way you can sign for your materials and at a discount then they bill you and if you pay on time you get another 10% plus off…but most imporatant surround yourself with a team that you can trust at all times…
Posted by Carey_PA on February 28, 1999 at 24:45:29:
Hey gang,
How’s it going? Here’s my question: As many of you know, I’m a newbie and I have zero deals under
my belt. I’ve just gotten my list of investors together so that I can flip some properties to them. But,
when I find a house that I’m interested in flipping (which I have found one) how do I, the newbie, go
about estimating the rehab costs of the property. For example, I can see that the kitchen looks like
sh*t, but does the house REALLY need a WHOLE new kitchen or will some nice cabinets and
flooring suffice. Also, I can SEE a messy kitchen and cracked paint, but what if the heater is bad or
something that I’m REALLY not familiar with?
I was wondering if I could get a handyman to do an estimate for me BEFORE I make an offer so I
make an accurate offer, but then I thought, what if the handyman goes behind my back and makes an
offer before me…How do I go about getting accurate estimates? I’m willing to pay the handyman a
fee and use him for my rehab projects when I feel I’m ready for them, but WHAT DO I DO IN THE
MEAN TIME?
Re: Rehab cost estimating! - Posted by phil fernandez
Posted by phil fernandez on February 28, 1999 at 14:44:47:
Hey Carey,
You’re on the right track. Get to know a handyman/ contractor type. Tell them that you plan on buying and rehabbing houses. That you are interested in having them do work for you in the future. If you come across serious, they should be willing to go out to the house and give you a repair extimate that you can then plug in to see what you can pay for the property and still allow the investor you flip to a decent profit.
Until you have established this relationship with the contractor, give him the impression that you already have the house under deposit so he won’t go behind your back.