Always “late to the party”. Property status “Pending”.

[Anna Khan]

How can I submit an offer for a rehab house when I don’t know how much the rehab will cost me to see if I will make any profits? By the time I get contractors to get the estimates the property is long gone! Submitting an offer without estimating the cost of rehab sounds wrong and risky for a newbie. What do I do?   Thank you.

[Brian Pulaski]

@J Scott is correct, the only way to compete in a fairly competitive market is to learn how to come up with your own budget and not rely on a contractor. I believe J Scott has a book about it, and I have found a very basic way to start is to simply create a list of what items are needed for a certain scope, and then price out each part. Start with a bathroom, determine everything you think the room needs done, Floor, sheetrock, tub, diverter, toilet... etc. Then go online and see what each part costs and get a rough idea. Add some money for labor and "contingency" and move to the next room. It's basic, but a good starting point.