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Updated almost 12 years ago on . Most recent reply

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98
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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

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788
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284
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Bryan H.
  • Investor
  • Willow Spring, NC
284
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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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