I'm new to real estate investing. Like to focus on rehab and have some questions. What are some ways for me to get good estimate on repairs?

Asked by Choua, Green Bay, WI Mon Jun 7, 2010

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Duane Murphy’s answer
Duane Murphy, Agent, Appleton, WI
Mon Jun 7, 2010
Choua- Most contracters will give you free estimates. The main thing to focus on when selecting those contracters is not only price but also if they have references that prove that they get the job done when they say they will and how they said they would. If a contractor gives you the lowest price but never shows up to finish or runs weeks behind in finishing this will cost you way more money than if you would have paid more to start with. Another thing you will want to screen for is to make sure that the contractors you pick are experienced in renovation. Everyone may say that they can do them but not all of them can. Teaming with a experienced real estate professional can also help with this process. This individual should have experience with spotting properties that will not be endless projects requiring vast amounts of cash to repair. This real estate professional should also have contractors that they have used or could recommend. Teaming with a professional realtor should be #1 on your list! Good luck with your investing.

Duane Murphy
Coldwell Banker The Real Estate Group, Inc.
#1 in NorthEast Wisconsin
Don't forget you can find me on Facebook and LinkedIn!
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Cindy Leiter…, Agent, De Pere, WI
Mon Jun 7, 2010
My suggestion is to work with a real estate agent to find properties that would qualify as flip properties based on your criteria. Try to find an agent that has flip property experience because they will have contractor resources. Good luck. If you have any questions, please feel free to contact me.
0 votes
Stacy Carter, Agent, Roswell, GA
Mon Jun 7, 2010
Successful real estate investors have a team of professionals they rely on. A Realtor, a lender, a closing attoney and a good contractor. Assemble a great team and you'll have the winning combination.

Don't forget that there are lender programs that allow you to borrow funds for renovations!

Good luck,
Stacy Carter
Home Appreciators Real Estate & Renovations
at Better Homes & Gardens Real Estate Metro Brokers
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