Estimating Rehab Costs????

[Greg Baur]

Hey all

So I feel that I have a strong handle on how to determine what a property is worth in my area based on it's current individual condition; as well as what it will be worth once it is fixed (ARV)... but I am struggling determining how much reno costs will be.

My goal is to buy properties in need of repair to buy and hold as rentals.

I'm hoping that you experienced/successful Flippers might be able to inform me about how you estimate reno costs?

Thank you!

GB

[Andrew Cordle]

@Greg Baur

First of all that is a great question and a lot of people are looking for ways to figure out how much construction is going to cost when you are flipping a house or holding for a rental. 

And normally as always, time is very important, meaning that you have to come up with a quick but very good close estimate. 

We created a item called a Budget Cheat Sheet which is a simple 4 by 6 postcard. That has two sections Exterior and Interior. Then 3 columns across the top 1,000 sqft 2,000 sqft and 3,000 sqft. 

You simply pick your square footage then simply line up the items that you need and it will show you a close estimate as to how much it cost for labor and material. 

If you want one PM me and I can probably email it to you.

See Below: