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Updated over 11 years ago on . Most recent reply

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14
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1
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George B.
  • New York City, NY
1
Votes |
14
Posts

Newbie considering rehab project: how to approach contractors?

George B.
  • New York City, NY
Posted

*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?"

Most Popular Reply

User Stats

978
Posts
985
Votes
Aaron McGinnis#4 Contractors Contributor
  • Contractor
  • Atlanta, GA
985
Votes |
978
Posts
Aaron McGinnis#4 Contractors Contributor
  • Contractor
  • Atlanta, GA
Replied

a contractor knows when an investor is new. Don't pretend to be anything you're not.

Instead, deal with reputable contractors who have nothing to gain by ripping you off.

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