Stuck between a hard place and a harder place - San Diego

[Clayton Hutton]

Hello everyone,

   I'm trying to work out how to get out of an interesting situation. I have found a great property in dire need of repair/rehab. I'd love nothing more than to make an offer on it. The realtor says they can't make any kind of offer without a preapproval letter. I am going the hard money route and the lender working with private money doesn't want to issue a pre-approval letter without being able to back it up. So I'm at a place where I have to guess out of left field (potentially for any property I'm looking at) on what rehab costs will be on a property i've just seen from the outside. I don't want to give a quote on rehab and have it be drastically off. One contractor was kind enough to give a ball park number of 40k-150k for rehab just looking at a picture.

I've heard it mentioned a few times on the podcast that Brandon has just written offers. Do you need an agent for that? Can I just write an offer letter to get things moving. I feel like I'm at an impasse of sorts going through the realtor and hard money guy.

Anyone out there have any ideas on how to get things moving forward?

[Brian Van Pelt]

I agree with @Fred Shatzoff ;

. look at the property with the Listing Agent, you do not have to use an agent, but the listing agent will put in an offer for you, just beware, the listing agent works for the seller and if they are good will pepper you with questions. Only give them what is needed to fill out the offer. I would recommend finding your own realtor who has worked with investors, they will have alternative sources for lenders.

. Pay a contractor for a proper estimate. 40-150 K is not a ballpark estimate