One home on Green street In SF I had to foreclose on peaked at 2 mil in 88 by the time we went to trustee sale no one bid it at opening bid of 925k.. today probably 5 mil easy if not more.. and by 97 ish back to  2 mil.. who knows what will trigger the next one.. but  when credit froze in 08 there was nothing we could do if you did not have cash .here are some areas I worked in   in those days and the crash.1. parts of Atlanta I made loans on houses that were worth 150k my loans were 90k   sold this 97 build for 36k in 09.

I'm having a the local flip reno guys bid on the deal (Fast Track), but I would like other bids as well. 

I'd think one may also even discount their bid for a note based on these facts as well.

Lot cost is $500K and looking to build these 2 buildings for $400K with an ARV of $1.2M - $1..4M depending on the finish out.Please reply with your recommended Austin area Home builders and General Contractors so I can start the due diligence and bidding process for those interested parties.  

However, many new investors (or those unwilling to  learn) don't understand how to really do this - how to really estimate what needs to be done as part of a rehab in order to get the property not only ready to sell but also to be competitive with other homes on the same market, how to really vet a contractors bid, and as mentioned before how to choose the right comps.

I've been surprised by how much some of my properties have sold for - especially since bidding wars are real in today's market.

I don't think it would be at all crazy for a newer flipper to hand the general contractor bid to an appraiser experienced in ARV appraisals.

Have a contractor (or 2 or 3) walk the property with you and provide bids.3.  

He's got an incredible skillset or 'unfair advantage' as Brandon Turner talks about, having a background in contracting and being well equipped to quickly estimate a rehab job himself, something most investors need to bring an outside GC in for the bid. 

I ran title prior to bidding and it showed a mortgage was taken out in the early 90's and I saw he paid a small amount for the condo back then so I assume the mortgage is for that small amount.