new to business, first flip, need help.

[Chelsy C]

Thanks all in advance, I have been reading this forum for 2 months. I finally found my first flip and will close escrow on 7-5-2011.

The property needs a new Kitchen, bath, fence and yard work, also inside and outside paint.
My question and concerns are:

1) Do I need to hire a license contractor having insurance to do the job? if so, is it better to hire a contractor for remodeling the kitchen and bath, and the other contractor for painting and one more contractor for the yard work?

I am thinking to have my uncle to do the work, so I don't have to worry about the liability issues, not sure it's a good idea since he prefer paying cash.

2) What insurance policy I need to get while remodeling and selling period?

3) I have took out some pictures of the kitchen cabinets and image of the baths from the web which I feel It's very nice, and I would like the contractor make the same. However how can I find out where to purchase those custom cabinets? I looked at a few local stores, and they don't have them.

4) usually how much I am looking at for those works new kitchen and bath, and the other contractor for painting and one more contractor for the yard work?

5)Is better to get a owner permit to do that work or contractor permit from the city? I see a lot of rehabbers prefer not getting the permit due to the fees and the contractor charge more due to they have to stop the work and wait for the city inspector to sign off before continue.

[David Tower]

I am by no means an expert, but you are asking for trouble not having ALL this stuff planned out before you buy. Not knowing how much stuff will cost or even who your contractors will be can spell disaster for your timeline and your budget.

Also, you'll get more and better replies in the rehabbing forum as opposed to the wholesaling forum when asking about a rehab.

I don't mean to rain on your parade I honestly wish you the best of luck. Congrats on your first flip!