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Updated about 6 years ago,
When to bring you contractor in during a BRRRR
I am working on my first out of state BRRRR deal and am running into the hurdle of trying to get a contractor into the property to come up with renovation estimates in order to assess asking price. How have you guys found the best way to move forward with this process.
Right now
1. Agent finds property
2. Assess that there can be forced appreciation and CMA shows that there is a value gap between current home and last purchased
3. Try to coordinate Contractor to get into the home and estimate renovation costs.(step that I am having biggest challenge with)
4. Make an offer based on calculation of ARV-renovation at 70-75% LTV.
I am wondering what methods other investors have implemented to more efficiently attain bids and renovation numbers.
Thanks BP