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Updated over 2 years ago on . Most recent reply
Contractor on initial walk-through?
Hello everyone! My husband and I are total newbies, but eager to get started on our real estate investing journey. We came across a multifamily property near a large hospital near where we live in Winston Salem. Its an on market property we found on redfin. Looks like a major fixer upper. When you go to see a property initially do you bring a contractor with you to get an idea of costs/structural issues etc.? If so do you pay for this service? Or do you do a quick walkthrough yourself first, make an offer and then back out after home inspection if major issue found and not what you wanted? Any thoughts you have are greatly appreciated. (Link to property below)
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#2 All Forums Contributor
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- West Valley Phoenix
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#2 All Forums Contributor
- Contractor/Investor/Consultant
- West Valley Phoenix
No point in wasting everyone's time. Yes, hire a GC and pay him to develop a SOW and budget for you. Even a quick walk-through will get you pretty close, usually within $10-20k at least....
Then you make your offer. After you get accepted then have a Home Inspector go through and use this as your way out if needed. This way you have 2 sets of experienced eyes looking at your property.