This rehab estimate bids checklist is helpful for before, during, and after each stage of getting rehab estimate bids for a potential fix and flip property.
Part of the last stage of the due diligence process when flipping houses, you obtain proposals from contractors for any necessary work on the flip.
Walk the property and itemize what you want repaired
Get a straightforward list of repairs with the steps in the Property Condition Review Checklist. If you get the property inspected, add any additional items it brings up to this preliminary scope of work.
Find 3 or 4 contractors to bid the work
Get a rehab repair bid from at least three contractors available to work on your flip. These contractors should specialize in fix and flips. Flip friendly contractors will understand the urgency of your strict timeline, and either have ways in place or suggest ways to lower your expenses.
Walk the property with each contractor going over itemized list
All of the contractors you will be soliciting rehab proposals from need to understand the extent of the rehab and any damage. Walk the property with each and go over the construction items and major systems that you used using the rehab cost estimate checklist.
Get itemized bids
Make sure to get itemized bids from each contractor. It is important that they are itemized so that they can be compared to each other. This will help you compare the bids to each other as well as to the itemized rehab cost estimate that you came up with in the rehab cost estimator.
If a contractor refuses to give you one, do not use them as they will be impossible to compare.
Compare bids to each other
Compare the largest jobs against each other once you get the proposals back. This will give you an overall idea of how each contractor determined the timelines and skill levels necessary.
Select the contractor that best suits your timeframe and budget after you have looked at all aspects of each bid.