Project Repair Estimate Form

[Sage Jankowitz]

I was recently given a "project repair estimate form" from a fellow wholesaler in my area. It says things like "# of Windows x $300".

As a wholesaler it's really important to me that I give accurate estimates upfront so I don't waste my investors time. Does anyone with the experience and time have a couple of minutes to review this for accuracy, depth, and breadth? Please PM me if you could lend a helping hand...

[J Scott]

Hey Sage,

It's not a bad start, but some of the numbers are a bit (or more than a bit) different than what pay for things. In some cases they are less, and in others they are more.

The most likely reason for this is that the person that provided this estimation form works in a different market than I do (prices vary by location both for materials and labor). Also, depending on how low-end or high-end the rehab might be, the materials costs (and even the labor costs) can fluctuate wildly.

For example, this spreadsheet indicates about $2000 for kitchen appliances. I pay $2000 for kitchen appliances + washer/dryer, but it would be very easy to pay $20K for those things as well.

For stuff like "windows x $300," that's a reasonable average, but you'll find that a specific window price can vary immensely. If you can just replace the glass or the sash, it could be closer to $100 per window. If it's an over-sized special-order window, it could easily by $700+. So, while $300 per window is a reasonable average, make sure you dig in a bit more before finalizing your budget on a specific project.

What you'll find (just like Will mentioned above), is that over time, you'll start to get a good feel for what YOUR SPECIFIC CONTRACTORS charge.

For example, I can walk into a house, and know within about 5% what my painter, my electrician, my plumber, my carpenter, my cabinet guy and my flooring guys will charge. It's not because there is some standard prices that someone else could have provided to me, but more that I've worked with these contractors enough times that I know what they charge for different things.

You'll get there too, I promise...

In the meantime, the spreadsheet is a decent start.

I'm going to email you my estimation spreadsheets as well...while they may or may not reflect prices in your area, it will be a good comparison point for you...