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Bidding dilemma

2K views 14 replies 7 participants last post by  NJ Contractor 
#1 ·
Hi, I'm new here. Never been on form before actually. So I'm in a bit of a new situation as far as bidding a job goes. I have a longtime family friend that has wanted to become a property investor and flip several high-end homes a year. The first when he's looking at is a complete remodel everything is going to be redone. The Dilemma lies in the fact that I cannot go back in the house and we don't have time for me to get my Subs in to place their bid. So I guess my question is how are people bidding jobs like this, new roof new wiring new Plumbing everything else I will be doing drywall trim flooring cabinets exedra. What do you think I should do? I'm only 22 I've had my own business for 2 years and never been in this situation before thanks a lot hope to hear from you soon
 
#4 ·
I see so many people trying to flip homes. I am also seeing alot of them figure out it's not as easy as it looks on tv.

If you can't see it, you can't bid it. If you have enough experience you can usually get a close estimate.
Not everything is going to get redone. New roof, probably. New plumbing and wiring, no. A home flipper isn't going to replace all of the plumbing or wiring.

I don't think the home flipper, or you, actually know what needs to be done. You need to go through it together and get a plan.
 
#5 ·
Well that's the thing this isn't a traditional home flipper it's kind of a different situation then the traditional flipper. They have very good potential on this house and where this house is in town it has to be updated and they are going to do the plumbing and the wiring because it needs to be done and there's room for it to be done price wise they want 199,000 list for the house but it has been for sale for two and a half years so they make him down. The comps in that area are selling around the 400 Mark. So there is room to do everything. I really don't know what I'm asking I guess just looking for some tips, tricks, advice.
 
#10 ·
Not a traditional home flipper? So does he have experience flipping homes?

Maybe you are right. He wants to buy a home and do a really good job of remodeling it. AND pay you so you make money. (your post)

I suspect he might have good intentions, but when it comes down to paying out money, things will change.

Just my opinion.
 
#8 ·
we walked through,and I was able to get a very good idea of what is to be done. I guess my question really lies in the subs, I know what the roof will cost, and what my stuff will be generally. Really I guess I have never had to figure blanket coverage like this. Maybe just talking about it like this has helped more than anything lol.
 
#11 ·
I don't watch the shows or go to the "free" seminars, but I suspect you don't hear much of flips gone wrong.

Gamblers never speak of how much they lose every week, only how much they win once a year.

Go in with both eyes open and a healthy dose of pessimism.


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#13 ·
When I'm in the situation you are I fall back n on previous jobs. I know that the last farm house I had wired was 10k and the one before that wasn't as involved and was 7k. I make an educated guess on the current home BUT I make it clear to the prospective owner that it's an estimate ithe true sense of the word and I make that clear in any and all paperwork. Same with plumbing, roof, foundation, ect. Honesty is the best policy, be up front, you can't give a specific price on things you can't see and especially if you can't get subs in there, flips are a crap shoot, I've done some that make a ton of cash and I've had a couple break even because of hidden problems, it's the nature of the flip. My best advice is go on what you've seen/experienced in the past, what you can see taking into account potential problems, and be open and honest because you want them to make money so you get the next house and make money, it's a partnership and you have to work together and build trust. Best of luck

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