Trying to estimate Rehab costs for potential whole sale deal

[Adrian Smude]

I just visited my first property for a potential whole sale.  The people are very nice.  We did not talk numbers, I told them I'd do some research and get back with them with an offer I could make.  They are not sure on the exact sqft but I think I've come up with a very close number, 2,400 heated and 3,200 total.  It's a wood frame and is pretty much a total guy job and I believe it needs a new roof.  They said they had roof work done about 8 years ago but I see where it's leaked although the shingles look to be in pretty good shape.  I'm okay at estimating bathrooms kitchens, and roof but I've never done anything with wood frame floors needing to be replaced.  

[David Lopez]

Just my opinion but there is no substitute for a hard number from a good contractor, but over time you will be able to gauge this stuff yourself. I don't suggest using per sq/ft rules because when I break down my construction estimates, while I may be close, I am never right on and each situation is different. If you think it needs a roof call a roofer and get a number. Calculate all of your material cost from actual prices online. This all gives you baseline information to help you learn enough to create your own estimates faster on the next deal and so on. I have a list of costs that I try and continuously refine by market and through pricing updates. I remember when drywall was less than $5 a sheet now it is over $10. If your not watching actual costs or getting hard numbers make sure you know what current prices are in your area. Also never be afraid of asking to walk through because if the home owners didn't need someone like you to help their current situation you probably wouldn't be talking to them. Due diligence is a top priority and if you can't do it right don't do the deal. Short answer, call the seller and get your contractor in the place to give you the best chance at a good and profitable deal.

Dave