Is it easy to estimate rehab costs?
Make More Offers with 15 Min Rehab Repair Estimations. What a waste of your valuable time! Instead, you should walk a house and in 15 minutes know your numbers and get your offer out. Here’s how… Step 1: Determine the unit measurement for each item of a rehab. Examples: Square Feet (drywall, wood floors, granite) Square (roof, siding)
How long will it take to complete a rehab project?
In this video tip, Jerry discusses how to estimate repairs on any deal in 15 minutes or less. When it comes to making offers on houses, you have to be able to quickly and accurately estimate the cost of repairs. Stop spending hours doing what should only take 15 minutes. Learn how in this video…As promised, here is the link to get Jerry’s FREE training on Estimating Repairs: …
What is the repair cost estimator?
Aug 12, 2015 · Jim Ingersoll, shows you how to estimate home repair costs DIY-style in 15 minutes or less. Download Jim’s >> Repairs Estimator Form [Right click the link to “save” the .pdf file.] CLICK here to subscribe to our mailing list and get unique, fresh content like this delivered right to your inbox.
How to get the biggest bang for your buck with rehabs?
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Understand your buyer and the neighborhood
Before you start calculating rehab costs, understand what the final product will look like. Some high-end remodels take months—cosmetic renovations take just days.
Tour the property thoroughly
Next, with a good understanding of how you want the finished product to look, walk through the property very slowly. Take a lot of photos or record a video on your phone so you can easily recall the condition later. Trust me, you won’t remember it all!
Write down the problems
While you are still on-site at the property, go room by room and write down its condition, as well as any needed repairs. For example, if you walk into the living room and see carpet that looks and smells like dog urine, write down “replace carpet in living room.” Also, jot down a quick estimate regarding the size of the room.
Condense your list into 25 categories
Next, take your comprehensive list of repairs and classify each one into one of the following 25 categories, which encompass all of investment property renovation. For example, if the living room and bedrooms need carpet and the kitchen needs vinyl, group all of them together and include them under “flooring.”
Determine a rehab price for each category
Once you have your 25 categories spelled out, it’s time for the most difficult part: estimating the rehab amount for each category. However, breaking everything down into the basic components of a renovation makes estimating rehab costs much easier.
When in doubt, ask for help
Don’t be afraid to ask for help. You can do this in a few different ways:
Learn How to Estimate Rehab Costs
In this case study, I will walk you through the numbers of my very first flip deal and discuss how you can use the House Flipping Spreadsheet to estimate rehab costs for your rehab projects. I will share estimating tips and tricks to help you learn how to estimate rehab costs more accurately for your house flipping projects.
Powerful Cost Estimating Features
The Repair Cost Estimator provides powerful estimating tools to help you estimate repair costs for your rehab projects in a matter of minutes...
Create Professional Estimate Reports
Create professional estimating reports that summarize and detail your Repair Cost Estimate information...
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