From the course: Virtual Investing in Real Estate

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Using bids to renegotiate

Using bids to renegotiate

From the course: Virtual Investing in Real Estate

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Using bids to renegotiate

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- [Narrator] We used to get three contractors out there and get them to give us a ballpark bid. So I would tell them, "Listen, this is what I'm thinking about doing, "opening up these walls, "doing this kitchen, etc., etc. "What do you think it's going to cost me?" "Oh, I'm going to need to go back and get my subcontractor." "No, Mr or Mrs Contractor, "I respect you and your time, "I don't want you to be working too hard "because if this deal doesn't work out, "I don't want you to waste your time, right? "So give me a ballpark." And if they wouldn't, I'd find another contractor that would. And then renegotiate if necessary. So now I'm in my due diligence, and there's been times where I've had to renegotiate. Is my intention to go in and renegotiate? Not necessarily, but I don't know, if there's something wrong in the basement or the crawl space, I need to deal with that. If there's something wrong in the attic…

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