First Rental Investment

[Charles J English]

I'm looking to purchase my first rental investment in Corpus Christi, TX and I received estimates from two contractors. One contractor is telling me it's not worth it and the other is saying the property will need about $55,000 in repairs. The wholesaler is not willing to go down on the sales price of $60,000. The ARV is estimated to be $150,000 once all the repairs are completed (Realtor did the comps for the area). Should I trust the realtors comps? Should I listen to the contractor that's telling me it's not worth it? As a new investor is this way to risky? I've done the breakdown using the BRRRR calculator, but from experience investors what would you do? I guess the ARV is extremely important with this deal.

[Clint G.]

@Charles J English

I'd trust the comps and get more quotes from contractors. Some are just too small to take on big projects so they pass. Just because it isn't worth it to one doesn't mean others won't take it on. After several quotes, you should have a decent idea if it's worth it or not, and what the real issues are.