If you are a new house flipper and are completely new to construction and renovations and have absolutely no clue how much stuff costs you are currently in that awkward stage.
In this article, we will discuss your options to for leaning on other construction professionals to help put together your estimates on your first house flips.
If you don't feel comfortable estimating rehab costs then you need to team-up, partner, or hire someone who can help you estimate rehab costs.
#1 Pay a GC for a Consultation and Property Walk Through
You can hire a General Contractor to provide a consultation to walk the property for you and provide an detailed estimate breakdown of what they would charge for the repairs to the property.
Be honest with the Contractor up front and tell them that you are a new real estate investor and are trying to get a better understanding of construction costs in the area.
Note: Creating Estimate Proposals can take Contractors several hours to create, so be respectful of their time. If you don't have the property under contract you will likely have to pay the Contractor for their time ($150 to $300).
#2 Partner with Someone That Has Construction Experience
To get your feet wet, you could partner with another house flipper, contractor or construction professional that could help with Estimating Costs.
#3 Hire An Employee
You could hire a part-time or full-time employee that has Construction Experience that could handle the process of estimating the repairs and creating the Scopes of Work for your projects.