Rehab Estimating - Recommended best rehab tool you recommend

[Trace J.]

Hello BP members! My focus so far has been SFH rehabs and so far I have been pretty close with my rehab numbers. Only one of many have I been off but that was due to unforeseen issues discovered after tearing into walls in one home. Anyway I'm wondering what some people think is a best rehab tool such as a program, spreadsheet, etc to use. I was using a hard copy list with some pricing, but I would like to get faster and more precise not to mention so archaic. Plus as prices change with supply demand and shortages I need a better tool. If anyone has anything they recommend I would love to hear about it. TIA

[Will Barnard]

An excel spreadsheet is likely your best option, of course the spreadsheet pricing for individual tasks would need to be adjusted accordingly to price fluctuations over time. Tracking expenses in Quickbooks is also a good tool to use.

That said, over time, once you know pricing in your head and with enough practice, you can get to a point where you can walk into a home and walk out 10-15 minutes later with a precise (+or- 10%) rehab budget. I can do this by sectioning off the home into parts. For example, if my average kitchen remodel with standard appliances is say $15k and my average full gut bath remodel is $10k, then when I walk into a home with a 3 bed 2 bath 1500sf home, I know I have $35k in my talley already. I then count the windows (if replacement is needed), doors (including hardware), landscape, HVAC, electrical, plumbing, roof, flooring. Knowing average pricing for each, I simply talley those in my head and walk out with a pretty solid number. When you want to lock it down into a precise number, the spreadsheet will better help you with that, no better way that I know of.