Looking for my first deal

[Kenneth Liz]

So I have begun looking for my first deal but don’t have a GC. My agent who I met here on BP gave me a ruff idea of 50k but didno want to make offer until contractor walks home and give me a price idea but before contractor could get there house was already in contract. :(. Should I have made my offer and did walk through with contractor later. Could I have backed out if rehab would’ve been to costly to make deal a good deal ??

[Heath Ryans]

@Kenneth Liz That's how it goes. You have to be able to quickly evaluate rehab costs to get offers in. So don't just send your contractor through, walk through with him and learn from him. It will keep that process from happening. See if he will sit down with you a build out a spread sheet of costs.

You could have backed out with an inspection contingency but you don't want to do that if you don't have to. It just gives you a reputation of being unreliable when it comes to closing.