Contractor · Kansas City, MO · Member since 2016 · 55 posts · 21 votes
I’m on a quest to give fast and accurate estimates. I would say my greatest skill set is knowing the costs of rehab for all kinds of investment property.
There are different scenarios for estimating for an investor.
There is the “ballpark” (I don’t trust these, we try to keep from change orders.)
There is the walk thru and give as accurate as possible from a 30 minute visit or even reports and photos.
Then there is wanting me to give you a formal Quickbooks estimate of exactly what will be done-my price.
I have been working on usable forms on our website/app that investors or myself can easily fill out (check boxes) that have real prices. Now I have it with a range for each item and easy adding and subtracting of quantity/measurement. Garbage disposal and install $130-$140 (quantity 2) $260-$280.
So many ideas and all to make investors life easier. And mine.
So tell me what a well presented estimate and ideas of things that are confusing or cause a problem.
Besides price, how can a GC/Contractor Estimate be better?
Investor · Las Vegas, NV · Member since 2017 · 321 posts · 524 votes
7y
My first two flips has been the contractor providing a general estimate for each area of the rehab. Based on your post, it looks like you're providing a great estimate. I can't imagine someone with experience needing any more than what you're providing since costs can vary GREATLY based on the materials and the rehab.
As a thought experiment, maybe you could add your thoughts on what you think should be done to the property. For instance, in my 2nd flip, I've allowed the contractor to come up with what he thinks is best for the property and I trusted his 24 years of experience. Maybe you could provide a couple scenarios that you think would benefit the property -- such as, adding a master suite, removing an unnecessary wall to open up a living room, adding a 1/2 bath to the first floor, etc.
I'd imagine for those of us who are relatively new (like me), it's easy for us to just look at numbers and not understand that flipping is as much of an art as it is accounting.