"Just get it under contract" without knowing rehab costs.

[Andy Cross]

Hey folks...

Within the past month, I've heard on a number of occasions "just get it under contract." To give it a little more context, pretty much these people were saying don't worry about how much the rehab costs are, just get it under contract, then renegotiate later. 

If a contract says you are going to buy the house for a certain amount, how is it even possible to go back and renegotiate? A contract is a contract, right? Sounds to me that it's a recipe for disaster.

As a newbie, it's confusing, yet frustrating when you hear one side say adamantly say "just make an offier, get it under contract and renegotiate later;" then the other side says "never make offers without knowing your rehab costs."

[Jeff B.]

The JUST DO IT concept reeks of ignorance to me.  You'll only make profits if you understand as much as possible and can tolerate major expense where you do not.

Got a couple of Million to play with? Then gamble await - - even a blind pig finds a truffle once in a while.