how to figure cost of rehab?

[Robert Spears]

Hi all, wish I could be more dedicated to the forums but as a first time home buyer/real estate investor I find it hard to keep up with everyone. I was wondering how you guys find the rehab cost of a house and if you do it before you get it under contract or after? because I'm trying to figure out how much the ARV would be and then how much equity I would build into the house and figure out how to BRRRR from there. I'm currently looking in the Tacoma, WA area or Pierce County Washington

Thanks and Glad BP is what it is today! 

[Aaron Nelson]

Hi @Robert Spears, if you are looking for a pretty good ballpark estimate, a knowledgeable investor-friendly real estate agent who has managed renovations and owns rentals can typically give you a pretty good idea of renovation costs and ARV. If you are looking for hard numbers (i.e. a bid) you will need to develop relationships with contractors and convince a couple to come out and bid your job. Right now, contractors are extremely busy. This is where developing partnership and leveraging your network comes into play.