Eager to Find the Right Flip

[Dionne Ladson]

Just joined PRO today after watch the 90 Day Challenge video.  I have reviewed at least 50 properties online using Redfin, Zillow and off-market properties from wholesalers.  Frustrated with estimating rehab costs to analyze the deal.  I found a good example in the General...Investing forum with some strategies to consider.  Does anyone use a general contractor to estimate your rehab costs for a fee?  I found one who will charge me $500 for 10 rehab ballpark estimates using online review of properties.  I think that's fair....   I'm all in and excited to make an offer on my first flip.  Any wisdom is greatly appreciated.   

[Kyle Spearin]

@Dionne Ladson great to see you're analyzing deals! In my opinion, you want a contractor to go to the property in person because it's not always as it seems in the pictures. As a general rule of thumb for underwriting deals, you can figure out the average cost per square foot to get work done. This will at least eliminate some deals before wasting your time and money sending a contractor out. Another tip is to get really good at figuring out comps/ARV for deals and using the 70% rule. Good luck!