Once you believe that you have found your deal, before you pull the trigger and buy it make sure that you properly estimate the repairs.

If you are just starting out you may want to bring in contractors to get an idea of what it will cost for everything. As time goes on you will begin to realize what the cost is yourself but at first you should get someone who knows.

Most contractors that I have worked with at first would only do a free estimate if i owned the house otherwise they would charge about $150 - $300 for a estimate. But how are you supposed to know the repairs if you cant get the estimate and you need that estimate to see if its a good deal. Tough situation indeed. Well if the estimate doesn’t costs much like $150 you should go ahead and get it done so that you can see if its a good deal for you.

Also realize that you should never accept the contractors first amount that they say it will cost. Realize that you always need to negotiate things down as low as possible. How low can you go? Most contractors over charge you even after working with you a few times. Its just part of the business. But realize that you need to bring it down a lot.

You may realize that with your flips if you are using a contractor and using private money unless you bought a dream deal you may not be making the big money you want at first. This is fine, just get the deal done take your profit, build your portfolio and find your next deal.

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