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Updated about 6 years ago,

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7
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11
Votes
Paul Savage
11
Votes |
7
Posts

Estimating Repair Costs with a GC

Paul Savage
Posted

I am closing on my first rental property (a 4plex) in 7 days and while I'm extremely excited, I am also looking to the future for more deals. My goal is to get started with flips in order to fund more rentals (Or a BRRRR depending on the property). However, since I have never done a flip before, my knowledge of estimating repair costs is fairly limited. I have read several books on the subject but I still don't think I'm comfortable committing to a buying a distressed property without having the prior experience of fixing up a house before.

Is it possible (I'm assuming it's not very common) for a General Contractor to view a potential property with you and give you a quote before you purchase the house?  If so, how would someone starting out with their first flip go about approaching GC's about this?

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