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Updated 5 months ago,
Contractor recos - for a major rehab
Hi team,
I am a relatively new investor (own 5 out of state rentals) who has identified a potential value add property. I say potential because it is definitely significantly below market value in a great neighborhood and I would not mind making this a primary residence.
However, the house needs a major rehab - think full renovation including fixing some foundation issues. The house is also 100 years old and may require some other upgrades. I don't have any prior rehab experience but given this is a available at a good price, is right in my backyard in an area where I can make it my primary, I do not mind going in for it.
Would like to know if BP community here can recommend some good GCs that can take these on. Need someone who is reliable, and timely and not necessarily the lowest cost. My agent estimates that this will cost $200-300K overall for the rehab.
Anything else that I need to be cognizant of / think about before I place an offer? My idea is to get a couple of bids, see what is costs, check the ARV and then place an offer that is at least 70% ARV - Rehab costs.