OfflineTrying to absorb all what I've learned, talking to owners, trying to structure deals, I'm still confused with how I should deal with contractors? Dean in his book showed us how to check out the house and as well suggest to have an inspector inspect the house. Could I literally give fix-up estimation or it's too risky (it does sound like it)? When should I tell the contractor to look at the house for me -- in order to make an offer, you need a bid on fix up cost -- but making a tons of offers mean having the contractor look at a tons of properties? How and when should I pay them? Is it $50 for every bid? If it's so, I will be run out of money soon if I make like 100 offers taking into consideration the condition of the house. Should we go with blind offers then? Could anyone link me if this is already posted somewhere? I searched around the forum but wasn't able to find the answer. Much appreciated...
You may want to make sure you have a few "exit clauses" in your purchase contract. Your offers could state contingent on an inpection that is acceptible to the buyer or contingent on a partner's approval of the proeprty. Thus, this can give you more time to review the proeprty repairs and the deal. In regards to costs, try to standardize the cost to replace a roof, door, window, carpet, tile, paint etc. Once you have a standard cost say by item or sq ft for flooring, use a guide as an estimate and get specific estimates once you have a deal under contract. i hope this helps. Good luck with all your future deals. Believe and Achieve!
- Joe
YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA
TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA