Is it easy to estimate rehab costs?
Title: The book on estimating rehab costs : the investor’s guide to defining your renovation plan, building your budget, and knowing exactly how much it all costs, revised edition. / J Scott. Description: Denver, CO: BiggerPockets Publishing, LLC, 2019.
What is the biggerpockets rehab estimation calculator?
Mar 22, 2013 · The Book on Estimating Rehab Costs: The Investor's Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All Costs (BiggerPockets Presents...): Scott, Mr. J, Turner, Mr. Brandon, Scott, Mrs Carol: 9780988973718: Amazon.com: Books. Buy used: $9.99.
How long will it take to complete a rehab project?
In The Book on Estimating Rehab Costs, expert real estate investor and fix-and-flipper J Scott reveals the tried-and-tested steps of his professional framework and his methodology for precisely evaluating renovation costs from hundreds of his own successful rehab projects. Learn every detailed tip, trick, and tactic you need to accurately budget any house flipping project or …
How can I estimate my repair costs?
The Book on Estimating Rehab Costs: The Investor's Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All Costs (Fix-and-Flip, 2) by J Scott Paperback $16.98
What is the fastest way to estimate rehab?
0:561:56Quickly Estimate Rehab Costs (2 Minute Method) - YouTubeYouTubeStart of suggested clipEnd of suggested clipClean and a quick resale for under market value I like to use a mark of five dollars per square footMoreClean and a quick resale for under market value I like to use a mark of five dollars per square foot for that.
What is the most accurate method of estimating repair cost on a rehab project?
Detailed Estimation Method Detailed Estimates by Scope of Work or by Room involve a lot more time and due diligence, but it is generally the most accurate way to estimate repair costs.
How do you calculate repairs?
1:107:34How To Calculate The Cost of Repairs on Any House - YouTubeYouTubeStart of suggested clipEnd of suggested clipYou need to quickly get to a ballpark number so that you can know where you stand before wasting aMoreYou need to quickly get to a ballpark number so that you can know where you stand before wasting a lot of time when the seller gives you their number in seconds.
Is it worth rehabbing a home?
A fixer-upper may be a good investment. But it can also be a huge money pit if you estimate renovations incorrectly, contract out for most projects, and skip an inspection. To ensure a fixer-upper house is well worth the money, look at comparable homes (known in real estate as comps) in the neighborhood.Mar 2, 2022
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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:
Pay A GC For A Consultation And Property Walk Through
You can hire a General Contractor to provide a consultation to walk the property for you and provide an detailed estimate breakdown of what they would charge for the repairs to the property. Expect to pay between $200 to $500 to have a contractor provide a consultation.
Partner With Someone That Has Construction Experience
To get your feet wet, you could partner with another house flipper, contractor or construction professional that could help with Estimating Costs.
