Rehab Overrun- San Antonio

[Dustin Thomas]

Hello all, we recently received a new estimate from our GC on a flip property in San Antonio and the new estimate is about 50% higher than their initial one (the one prior to buying the home from the wholesaler to flip/receiving hard $$, etc).

At the moment, we are wondering if the right option is to try and cut bait to get out asap.

The 2 options that come to mind are:

1. Try to offload this deal asap for minimal loss
2. Continue to get quotes from GCs to get as close as we possibly can.

I welcome any other ideas. We are supposed to be fully under construction at this time and paying hard money by the day. Please reach out or comment if you would like to chat.

Initial Numbers

Purchase Price: $235k (from wholesaler)

Rehab: $145k

ARV: $490k

Thank you!

Dustin