How to estimate rehab costs in a pinch?

[Christina P.]

I am a newbie looking to purchase first LTR in student housing neighborhood around University hospital.  In researching the area, I discovered another area investor is rehabbing his purchased properties to convert living spaces (ie dining rooms) into additional bedrooms and also adding en-suite bathrooms to new and existing bedrooms, thus increasing occupancy and cash flow.  He rents out by the room.

In the current market, these houses are selling in a few days.  I am finding it difficult to analyze the properties without knowing what the rehab cost would be.  What is the best way to go about this?  Do I find a contractor to put on standby?  Available time once property is listed to get in there, with contractor, get estimates (especially more than 1) and then analyze #s seems very limited and tricky.

[Will Barnard]

You need to learn how to accurately perform this yourself if you truly want to be a flipper/rehabber. I have posted many times in great detail here on BP about how to do this. J Scott's book is also a great start, then practice, practice, and practice some more until you get it down. There are no shortcuts to success and success depends on YOU knowing how to do this task (as well as accurately identify exit values (ARV).