Learning how to assess repair costs on the fly

[Vance Corich]

Whether I am investing in flip deals or rent properties through BRRRR or any other strategy, forced equity seems to be a strong tool to build wealth and help drive success for us. One of the tons of the topics I have had trouble with is assess repair costs. I am curious how other people started making educated estimations for repair costs? I'm sure some people have a background in construction, and some have had close friends to help guide their estimating powers. About my own experience- I worked as a hired hand for a flip in 2009, and ended up getting really sick, so I could not continue for that job, then got distracted by other life things, so I did not get back into the craft, until now... I am hoping to pick my Dad's brain, as he was an electrical inspector here in Denver for a couple decades, so he knows a lot of the contractors around here, which should be a good source, but how do I develop my own skills in the area? I can definitely learn by touring houses with contractors, my dad, other investors, etc. But is there a way to try to hone my skills, possibly looking at rehab pictures, estimating costs, like some sort of online tests or something? Also, I'd love to see how other investors tour houses to try and glean some information off of the experience!

[Nathan Gesner]

@Vance Corich there is a Rehab Estimator on BP. You can also search the TOOLS > FILEPLACE or check out the TOOLS > REI RESOURCES for free guides, spreadsheets, checklists, etc.

BP also has The Book On Estimating Rehab Costs. I've never read it but I have read some of their other books and they are chalk full of good advice. It's probably a good place to start.