Getting a quote for rehab and finding a contractor

[Jonathan Boyd]

Good day everyone. I'm needing help getting started on my first flip. I contacted the owner of an abandoned house in my neighborhood in Benton, Arkansas / Little Rock, Arkansas. They are motivated to sell, however, house is a complete dump. The problem I face now is that while waiting for a response to the initial letter I sent inquiring about the property, I moved out of town: everything will be done remotely. This doesn't bother or scare me, but does complicate things some. I know a rough estimate of ARV based on other houses in area, but have no clue what rehab or current value is. Should I hire an inspector and ask for a estimate on repairs? Pay a contractor to do a quote? And if so, what is the best way to go about finding these people? (hopefully some BP members in the Little Rock / Central Arkansas area will see this.) Thanks for any input!

[Christopher Brainard]

Inspectors aren't going to provide you with a monetary value for repairs. if the house is severally distressed, you can't rely on their assessment of the property either, as there will be items which aren't on the surface and that they can't test. You should be able to find a contractor that will provide a free quote, however, they almost always expect you to meet them at the property. I'm not sure they would respond well to doing a quote for someone who isn't even available to see them.

On a side note, doing a remote flip as your first flip is very risky. Doing it without a team in place is suicidal. If you found an amazing deal, I would suggest wholesaling it and finding a local flip to you. Being able to manage the first few flips you do will be a great educational experience and teach you the ins and outs of flipping.

-Christopher