To flip or not ? To trust or not

[RJ Dixon]

Hello BP world ! I am currently working on my second deal. My first property is cash flowing nice and learned a lot from it but that's a story for another time. I currently have a single family house under contract from a whole seller. The property is a 4/2 2190sqft. I have it for 172k. My original estimates were about 20-25k in rehab. The house is 80% done needs some flooring to be finished , doors and trim. Fixtures in both bathrooms and the kitchen cabinets are in place but need to be finished. I'm pretty sure the roof needs to be replaced as well. The gentleman whole selling the property told me about 20k in rehab. I then had a general contractor walk through the property today and off the top of his head estimated 60k in work. I'm not sure who to believe I emailed a couple of other contractors to do another walkthrough but I'm also pressed for time. I'm not sure who to believe or what to do. This property also looks like it has added square feet to it. How would I make sure it was done legally? My last question is if this contractor was just trying to rip me off and it only need 20-25 rehab is this deal a better BRRRR or flip ? The ARV is 250k conservative and I can rent anywhere from 1800-2000k a month. The average day on market is 38 days. We are approved for conventional lending and but we might have to do work before closing or we are going in with hard money. The rehab will be funded with cash. Sorry for the rookie question. I just want to make sure we come out on top. I'm still learning how to really estimate rehab cost but idk if I believe 60k to finish a house. Thank you for all the help

[Theresa Harris]

The contractor may be right, but unless he's your contractor that you've worked with several times and know; I'd always get more than one quote.