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Updated over 5 years ago on . Most recent reply

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Uneeq Khan
  • Bound Brook, NJ
37
Votes |
171
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Getting quotes on rehab

Uneeq Khan
  • Bound Brook, NJ
Posted

Newbie here. Any tips on getting quotes from contractors on rehab? I've sent out photos and scope of work to contractors to get quotes but I get no response back once I send it.

I don't have the option of taking every contractor to look at the property. I'm looking to purchase some multi family in north east Jersey to BRRRR via 203k loan. Just can't find contractors to work with and will give me quotes. I need an estimate so I can analyze whether the property is a good deal. I don't own the property yet and don't want to buy it without running the numbers. I'm just starting out so I don't have the experience of estimating a rehab.

How can I get successful quotes? What more can I do?

Some tips and strategies would be greatly appreciated.

Most Popular Reply

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Greg Dickerson#2 Land & New Construction Contributor
  • Developer
  • Charlottesville, VA
4,399
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4,756
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Greg Dickerson#2 Land & New Construction Contributor
  • Developer
  • Charlottesville, VA
Replied

@Uneeq Khan Contractors are super busy these days are are very hesitant to give estimates to beginners or potential buyers that do not already own a property and may not even buy it. Also you need to start off by calling and not just sending something to a contractor you haven't spoken with. Most will not respond to a blind email these days with so many scams out there. Remember this is a people business at every level. You have to build relationship and rapport with everyone involved including sellers, contractors, vendors, buyers, tenants etc.

The best thing to do is get to know a couple of reputable contractors by taking them to breakfast or lunch and offer to pay them for their time to give you estimates on properties you are considering. Make sure to go with them and learn from them and build a database of costs as you look at properties with them.

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