Help with first deal....

[Mike Nelson]

Ok, so it's about time that I get ready to construct my first deal. My only concern is, once I find a place how do I estimate rehab cost? I have worked with my father when I was younger so I have a basic understanding of do it yourself work. Other than that I'm pretty much left in the dark.

How does one estimate cost and generate a total amount needed for material and labor? I know I can have a contractor come in and give me an estimate but I simply don't trust anyone else on telling me how I should spend my money.

[Greg Sharp]

Actually, what you are really looking for is a cost estimator by project. Try https://www.repairbase.net/ This is put together by Blue Book which tracks real estate and construction value/costs across the country. It is low cost and you list your work by project and quality e.g. "High end bathroom remodel." You can also look for "Construction Estimation Software" but that only tracks cost and generally doesn't provide pricing. Many of the cost estimators are very detailed and you can use some from the insurance industry. They have live links to industry averages based on geography but IMHO they are too detailed and are not worth the time to set up.

I learned pricing on my first jobs by getting 3-5 contractors quoting the job. By the time the 3rd contractor comes by, you are asking smart questions and you get a detailed understanding of what it takes to complete a job. Don't go with a general contractor, get a plumber, electrician, concrete guy, etc. There is no better way to learn than direct from these guys once you control the property.

However, you want to price it out prior to committing to a purchase so RepairBase is a better start. Add a 15%-20% contingency onto it for unknown items, errors and behind the wall discoveries.

Try this for a quick and dirty rehab. I can produce these prices in SoCal and if you are in SoCal I would be willing to walk your first job with you:
Painting (inside and outside): $2/SF
Carpet: $2/SF installed and add a little for stairs
Ceramic tile: $1/SF + $3/sf - $6/SF to install
Hardwood flooring: $3/SF + and $3/SF -$6/SF installed
Vinyl: $2/sf installed
Kitchen cabinets, sink, granite slab: $6000 (this will get a pretty nice kitchen)
Bath remodel by a contractor: $6K - $8K
Whirlpool stainless steel appliances (entry level DW, micro, stove): $1500 installed
Pricing your own installs with a handyman: Price materials at a big box store using the contractors desk and tell them you are new and self managing your first project. Go at 10AM AFTER all the contractors are on their jobs and the people have time or go at 2PM after they have filled most of the orders for the contractors. Whatever the price of the product, add 50% for labor to install. Toilet for $100 means $50 install. Tub and shower enclosure for $450, allow $225 to install. If the material is over $500 use 30% of the cost to install.

This gets you in the ballpark and perhaps a little high on your estimates.