Fixer Upper
I'm interested in a property that needs a little work. I'm not interested in doing any of the work myself, my question is should i go through the yellow pages and pick a couple contractors and get a couple of estimates.
I'm interested in a property that needs a little work. I'm not interested in doing any of the work myself, my question is should i go through the yellow pages and pick a couple contractors and get a couple of estimates.
If you don't own the property yet, you may have a hard time getting the keys to get inside and look around... If you can find the owner and get a set of keys, see if you can get a few contractors to meet you at a certain time then take bids on the project. Make sure they give you the offer in writing, make sure it includes everything you want it to include.
If you are new to rehab start by having a general contractor come out and do an estimate. Tell them what you want to do with the property and if they are experienced they will make good suggestions to make sure that you aren't over or under approving. I would also network at your local investor club. It's always a place to find good information, and you can always tell people about the property and maybe generate some interest in case you decide not to hold. And really consider the cost of holding as if for rental. I would have at least three months rent plus a nest egg for a major repair at a minimum. Seems like a lot, but it will let you sleep at night.
Win-WIn Investing to you, Shawn