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Updated over 11 years ago on . Most recent reply

User Stats

98
Posts
6
Votes
Mubasher Riaz
  • Real Estate Investor
  • Ypsilanti, MI
6
Votes |
98
Posts

cant get past my fear of rehab estimates.....

Mubasher Riaz
  • Real Estate Investor
  • Ypsilanti, MI
Posted

i found plenty of vacant houses, tracked down the owners and on the phone talking to them, right when they say "well what is your offer" to me, I freeze! These houses need rehab work, I know the comps but I cant add in the rehab estimate to complete the offer cause I don't know what the estimate is. If I can get pass this obstacle, I'm positive to have some deals under contract in no time. How do other wholesalers come about this issue?

Most Popular Reply

User Stats

788
Posts
284
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Bryan H.
  • Investor
  • Willow Spring, NC
284
Votes |
788
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Bryan H.
  • Investor
  • Willow Spring, NC
Replied

Most fake it and do a poor job of estimating. Then they try to sell a home with an unreasonable ARV and rehab estimate and wonder why they can't sell their 'deal'.

One way to get better is to get a rehabber to come with you to estimate the job. Maybe you can pay a small fee to get estimates. That would go a long way in earning my business as a flipper. If you have a legit quote from a contractor, I'd have much more confidence in you and your deals. I may even use that contractor for the job. That is the model that Larry Goins uses. (you can google him)

Another way is to learn how to estimate for yourself. I haven't read the book but this was written by @jscott http://www.biggerpockets.com/flippingbook He seems to be pretty successful flipping homes.

Good luck

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