Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Baltimore Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

30
Posts
6
Votes
Quiana Chandrasekar
  • Baltimore, MD
6
Votes |
30
Posts

Having a general contractor during walk through

Quiana Chandrasekar
  • Baltimore, MD
Posted

As I'm readying myself to purchase my first property this year, I'd like to know if it is common and highly recommended to have a general contractor to accompany me during a walk through of a property of interest to help in estimating repair/renovation costs? Thank you.

Most Popular Reply

Account Closed#1 BiggerPockets Exclusive PRO Area Contributor
  • Professional Auctioneer
  • Baltimore, MD
1,468
Votes |
1,857
Posts
Account Closed#1 BiggerPockets Exclusive PRO Area Contributor
  • Professional Auctioneer
  • Baltimore, MD
Replied

Been investing in Baltimore, NY and Florida for 50 years. It may be hard to find a contractor that will look at properties with you.

My suggestions - if you don't know much about things to look for, find a local handyman to go with you; contractors are too busy and expensive. You will be looking for "value deficiencies" items that are deficiencies to seller will be a value negotiation to you.

look at 25-50 properties before you make an offer on one - this is the quickest and best way to understand values in your local market! DON'T  VIOLATE THIS - it is important. Don't be too quick to make a buying decision!

you should make offers often, use your own contract of sale, I use a one page contract I call the "Skinny", it is easy to read and to be understood by sellers and it has all I need to make a great deal (disclosures, automatic extensions, delayed settlement clauses, and assignment and out clauses if you are not sure of the condition, always put in an inspection clause in your offers - you can always do what we call "second-stage negotiations, this is where you adjust your offer lower based on inspection report. 

Be careful  of real estate agents, most represent the commission, unless you pay a "Buyers Broker" to represent you!

this is NOT an easy business to start making money, understand values, make many offers that will give you an equity position NEVER offer full price unless you have some creative seller financing like "delayed settlement, cash back, hybrid offers, assignment and auction clauses"

Watch out for the sharks out there that will tell you anything to sell you junk properties. Don't make any buying mistakes!

I am in Baltimore - glad to give you some ideas.

For 50 years now my wife and I have enjoyed the benefits of real estate, we made mistakes in the beginning, but not any more, we've created a nice portfolio of houses and businesses, a 11,000 s.f. nightclub on Charles St, a pizza shop on North ave several apartment houses.

take your time only listen to advice from experienced people who don't have an interest in selling you something.

You can be success, make money and create cash flow - but trust only your own instincts, and those you trust who are a proven entity!

This is a fun business, do not take yourself too seriously, enjoy the hunt and negotiate EVERYTHING!

Charles

Loading replies...