Getting quotes from contractors on "potentials"

[Tim Henderson]

Hi BP community,

I am looking into getting into my first deal, looking to do the BRRRR method on a smaller single family in a developing neighborhood.

As I'm looking at properties and analyzing their potential, renovation costs is obviously a huge factor.  I am not a contractor, so what is the etiquette around taking a contractor out to potential properties to get an idea of renovation cost?  I don't want to waste their time because I know that typically there is a small percentage chance on the deal actually working out, but I don't know how else to accurately estimate renovation costs.

I have looked at the rehab estimator tool on BP and try to ballpark it but ultimately I know that I will not know everything, and wouldn't want to botch my first deal off of not accurately planning for reno costs.

Would appreciate any input - thanks!

[Bill Kramer]

What you want is called a a "ballpark quote" not a full blown estimate or bid. Any Contractor worth his salt can give you a ballpark and not take too much time. Ask to get a quote to the nearest five thousand dollars if it's a big job, thousand for medium, and hundred for small jobs. 

If that number sounds feasible, then get an full blown bid. I had 24 hours of bid time on my current job. But I had a ballpark in 15 minutes.