Wholesaling 4 Newbs: General Contractors Estimates Too Expensive?

[Cody Evans]

I want to start dialing the phone on my leads. It has been about 5 days since I have hit the roadblock of how to estimate repair costs. My current plan is to 

1) Use a real estate agent and get comps for neighborhoods I found houses in. 

2) Call and negotiate with sellers by asking what repairs are needed and subtract that cost from a (.60 ARV) and give them that as a first offer OVER THE PHONE. If they dont accept: Ḧow close can you come to that number? If there counter isnt low enough I say ¨thank you very much, if you are interested somewhere down the line give me a call.¨ If the numbers work then I schedule a meeting at the property ASAP.

3) Call a GC and schedule them to walk through the property with me to estimate costs on that meeting date. I lower my offer based on these estimates. Go through signing of Purchase to Sale agreement right there.

4) Contact my buyers and let them know whatś CRACKIN!

I am concerned as this is my first deal and low on cash (only 4k in bank) that I will be wasting a lot of money on GC estimates. Shouldn´t these estimates cost me $100 for the whole house? What do you guys think?