OfflineWe are having trouble trying to decide how to best approach submitting offers for wholesale deals in another state.
Option #1: find a home with potential, have our contractor and agent go look at it, have the contractor send us a repair estimate, run our numbers, submit an offer and wait to hear back (problems we thought of with this - wasted time of ours, the contractor, and the agent for an offer we don't know if it'll get accepted, putting in lots of offers with chance of little or no response)
Option #2: find a home with potential, submit an offer, if it gets accepted have our contractor look at it and send us a repair estimate to factor into our numbers, decide whether or not to continue with the contract (problems we thought of with this - not submitting an accurate offer for what our end buyer is willing to pay, repairs being more that we're willing to pay and having to back out of contract)
Thanks
Kelly & Jason
then go with option 2. Option 1 will have the potential of losing your contractor and agent if they keep going out giving bids on things that you may never attain.
When I've been preparing bids, I put bids in first by fully looking at all the pictures, calling the agents to see what condition the property is in, whether someone else or the seller already had a home inspection done, and my contractor has given me ranges of prices for minor repairs to moderate and then full replacement. I do rough estimates using those numbers and then plan on spending 10-25% more for repairs than I calculated based upon what condition the property is in and what the agent reveals to me (or to my agent).
I am NEW to this, so this is just what I've been doing; once I get into this more, I'm sure I'll modify and tweak my methods to streamline them more. But, if you're going to be doing multiple offers, having the agent and contractor look at each one is definitely a huge waste of time.