Estimating Rehab Costs

[Sara Malka]

Hello frinds.. im a foregin investor, looking for my first one in the Orlando/Tampa areas..

I want the groups wisdom on what will be best way to figur out my rehabe costs, when analyzig a deal.. (befor a contractor is being involed)

Do you have any app/web/softwer you recomend, or any other tip for quick estimation?

Does prices differ dramaticlly between states?

Thank you

[J Scott]

Quote from @Sara Malka:

Quote from @J Scott:

Start here:  https://store.biggerpockets.co...

 Thanks J.. i have read your book, "By the num." and it's been realy usfull.. 

Question about the rehab book (couldnt understand from the previwe): does it includes kind of check list with prices on items?

 The estimating rehab book will not give you exact numbers for each piece of the renovation. Nothing can, simply because every area is going to be different, every contractor is going to be different, pricing changes seasonally, material prices change monthly, there are different levels of contractors and quality, there are different levels of material and quality, etc.

What the estimating book will give you:

* A step-by-step methodology to learning how to walk a property and assess its condition and the repairs that are needed.

* A step-by-step methodology to creating a scope of work for the renovation.

* A step-by-step methodology for how to inspect various systems of the property to determine what is working and what is not.

* A set of templates for the line items that will end up on your scope of work.

* A ballpark range of pricing for each of those line items. Though keep in mind that this edition of the book was written just before COVID, and much of those price ranges are on the low end these days thanks to inflation and supply side constraints.

* Tips for getting each of the line items on the scope of work priced out, both from a labor and materials perspective.

Basically, the book will teach you how to estimate a rehab. But it won't do the work for you. Unfortunately, nothing can.