Wholesaling Rehab Costs in St. Louis

[Devin Frawley]

Hello. I am a new wholesaler in the St. Louis area. I have been consuming real estate investing information for almost a year but the past months have really focused on learning about how to wholesale. I have learned a lot and definitely enough to start taking action. However I have always been concerned about rehab costs . Lots of "gurus" or people that teach wholesaling give out a VERY rough template to estimate repair cost. For example one I have seen goes by light, medium, or heavy renovations and then those three categories will go up or down in price depending on sq ft, not taking into account that repairs vary by location and many other variables. I know it is crucial to have repair costs right so the end buyer is getting a good deal and making money. I could just try to get the deal locked up for as low as possible or use some guru's template but I don't want to take the risk that the numbers won't work out just to waste my, the seller's, and the buyer's time. Another way I have learned about is calling local contractors and asking for estimates for different repairs depending on sq ft. From what I have learned, this way seems the most accurate, especially since it take into account cost by location. Is there anybody in the St. Louis area that has some type of template for repairs like the one I attached(Found this in another forum but it is made for a market in Michigan) or some formula/system used to get a repair that is accurate enough to make an MAO? I greatly appreciate any advice. Thanks a lot.