Newbie considering rehab project: how to approach contractors?

[George B.]

*not sure if this is the right forum for this question*

Hello all,

I am looking for some guidance on how to talk to/approach a contractor in a manner that would avoid being taken advantage of.

I am not a flipper; I am a newbie trying to buy his first "buy and hold" property. But, one property I am considering would need a gut rehab, and before I count it out, I want a few contractors to tell me what it would cost for such a renovation.

I'm concerned that if I tell a contractor, "hey, I'm brand new at this and have no idea what costs should/would/could be," the contractor would see an opportunity to give me an astronomical price. But on the other hand, if I try to act like a seasoned investor, my project may have the wrong outcome.

Do you have any advice for me? How should I solicit contractor bids/estimates in a way that ensures the best price and outcome? Is it ok to say "I need to know if this project can be done for $XX,000 per floor?"