New Investor in need of a little guidance

[Derrick Dunham]

Hello!

My name is Derrick and I am new member of Bigger Pockets as well as a new investor. I know a little after serving as a mortgage broker for 20+ years, but I have never actually invested. I have spent the last two months reading the BP blogs and listening to Podcast while in my car throughout the day. This is my first time introducing myself to the BP community, and I do so with dual purpose:

1. To introduce myself

2. To learn and get advice

I have come across what I feel may be my fist opportunity to wholesale a property in one of the hottest pockets in Washington DC (Columbia Road and Georgia Avenue NW area). Or, as I am also studying for my RE exam, this could be my first listing.

A previous mortgage client turned friend has inherited this property. It has been tied up in probate for the past year and will be available for either listing or selling by mid Sept 2013. When I put the address in Zillow, I get a zestimate of $411,000. The property needs complete renovation after sitting vacant for many years. The problem is I do not know how to estimate the cost of renovation to properly take advantage of the 70% rule when coming up with a price to offer my client/friend, and then later assigning the contract to an investor. (I haven’t found an investor yet, but because of the area I don’t think that will be too difficult of a task - if priced right.)

I have heard horror stories about General Contractors. My question is how to find a reputable GC who would give me an accurate as possible estimate so that I can properly offer a price to my client?

My plan and investing strategy going forward, once licensed, is to find good wholesaling deals (under a business name I have come up with) and then becoming the listing agent to help sell for the end investor once the property is ready for resell. Are there any pitfalls to this line of thinking?

Thanks to all for any time and consideration extended to me. All criticism and/or advice is welcomed and appreciated.