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Updated about 7 years ago,
Questions getting Contractor rental rehab quote and contingencies
Hey everyone,
I'm finally starting to look at properties after doing reading but still felt i lacked some contractor knowledge while considering a property I think looked really good.
So I seem to be reading that you get a contract, then during the inspection contingency period, you get an inspection, then have a contractor follow to get a quote. My question is should you include the contractor into the contingency? I am not good yet at estimating rehab costs and am afraid of getting into a contract with the seller and then the contractor bid is more than i want to go through with. And should i get other multiple bids after the house deal is closed or before?
Also I read that a comparative market analysis will apply with houses for similar level of finish. Will the contractor know what level of finish needs to be done or will i have to know? And will their bid be trustworthy? I know surprises come up and I think I read 5-10% should be added on, but will a contractor's bid ever be a complete misleading lie and they ask something completely different after? Or is there protection from that?
Thanks all