Estimating Rehab Costs

[Paul Veronis]

Hello BP community. 

I was wondering if anyone had any advice or different systems they use to estimate what the rehab price would be of a property. I am trying to wholesale distressed properties in MA, but am having some difficulty knowing how much rehab prices should be, even for just a simple cosmetic rehab. I have read books like "Estimating Rehab Costs" by J Scott and the book on "Flipping Houses" by J Scott but still find it hard to get a pretty accurate estimate for rehab. I know BP has the rehab calculator but for that I believe you need to know what the prices are of whatever you are fixing. 

If anyone can help it would be really appreciated!

[Leroy K. Williams]

As a rehab contractor I will say that the easiest way is too take plenty of pictures of the home. Get shots of the roof, gutters, yard, windows, doors, kitchen (with cabinets open and closed), flooring, furnace and hot water tank, electric service panel, plumbing from the water main. Get good pics of the bathroom(s) and wide shots of the walls and ceilings in the room.

Send these pictures to your preferred contractors and ask them for a snap price that you do not intend to hold them to.  Add 20% onto their pricing and this will give you a good ballpark number