Non-GCs - how do you estimate property repairs for a home?

[John Anderson]

For those of you who are not flippers, but rather ordinary W-2 folks who are trying to househack or build wealth through RE, how do you estimate how much money it will cost you to fix up a home? Do you first buy it, and then start calling general contractors, or do you have them take a look during the inspection period?

Thanks!

[Jonathan Greene]

You don't or you can't. Only experience will get you there because if you don't have the experience and you are trusting a GC you found somewhere, how will you even know if their estimates are reasonable. You want to learn costs from networking with other investors, but still you can't apply that knowledge without experience. So, for first-timers, you need to have investor friends that you trust that can help tell you when your subs and GC are juicing you because they know you don't know anything.