Flipping my 1st Property

[Spencer Lindquester]

I am a new investor and have been analyzing deals to find my first flip. I am super excited to take this step and I have read "Estimating Rehab Costs" by J Scott and I feel confident that I understand the basics. But I wanted to see if anyone has any tips on the best way to confirm rehab costs before any money becomes involved with the deal. A close friend is my capital partner on the flip and i want to be confident that they will see a profit. Should I have contractors bid the job BEFORE I offer or after? Any tips would be greatly appreciated! I am in the Portland Oregon market area.

[Natalie Lopez]

@Spencer Lindquester 

Have you called around contractors to see what they offer? I would recommend you find a contractor that's willing to run some numbers for you before you put in an offer. Some contractors in the area may be willing to give you general bids over the phone if you have some pictures.  

If that doesn't work put in an offer in a home after you have done a generic scope of work based on your knowledge. Then during the due diligence/ inspection period obtain all the required bids & confirm actual rehab costs. 

Hope this help! Best wishes on your journey :)