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Updated over 13 years ago,
Estimating repairs before first offer
I've been searching for my first property to put under contract. It seems like there are two major hurtles to making sure you buy a property right. Accurately estimating ARV and repairs. As someone new to all this, I'm having a lot of trouble getting a 'real' or even close to real number on repairs without having a contractor/inspector there to tell me what is wrong and how much it will cost to fix.
Since I need to have a good ballpark prior to making an offer, I'm feeling a bit lost. I feel like I'm in a chicken and egg situation. I have no inspection until the property is under contract, or contractors interested in looking at a property I don't yet own... but I can't make an offer since I don't have any idea what the rehab will cost.
I'm hoping some of you more experienced guys can point me in the right direction on this. How can I at least get in the right ballpark for rehab costs? Since this will be my first property, I'm looking for light rehab only to get my feet wet. I am only looking a builds post-lead paint, mostly townhouses. My goals are buy and hold rentals long term.
Thanks for all suggestions!