Get control of contract

[Mark Gingrass]

I looked at a house yesterday that I really though had some potential for a flip.

What I want to know is this:

Should I fill out my own contract with my stipulations?

What I want to do is get a general contractor in the house with me and inspect the whole house and see what he would charge. Then do that to a few other contractors and take the lowest price.

Now in my contract I should be able to state that it is contingent on the repair costs being less than x dollars.

I would also want it contingent on financing.

Does this sound like a reasonable approach?

I basically want 4 or 5 days to inpsect and get this all done.

This house is for sale for 12K. I did a quick visual and dont' know if the elctric or plumbing works.

zillow shows comps of 37K in that neighborhood. I highly doubt the house would need more than 12K in repairs.

What do you think I should do. I really want to get my feet wet and learn this stuff but it seems that unless I go out and do it, i wont' learn.