How do you estimate repair cost?

[Shane Tyler]

I’m new to everything still and I’m trying to figure out repair costs. I saw a house that is completely outdated. Kitchen, bathrooms, carpet. Basically it looks like 1960s still. What would be a good way to get a ballpark number for repairs? Im located in the Cumberland County area in NC if that helps.

[Bob Okenwa]

There are books out there that will get you in the ballpark of what costs what (J Scott has a good book on estimating rehab costs), but you will want to shadow a GC on a walkthrough when you have a property under contract and ask tons of questions. You may have to compensate them for their time (like $50-$100) but just consider this the cost of tuition. Take notes and keep a log/spreadsheet of what he/she says and you should be able to learn slowly how expensive or cheap items and labor are in your area.