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Updated almost 6 years ago on . Most recent reply

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Pete Hundley
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Braden Smith
  • Investor
  • New Orleans, LA
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Braden Smith
  • Investor
  • New Orleans, LA
Replied

In order to budget for a rehab you first need to put together a scope of work. You then use that scope of work to create the budget and schedule. If you plan to hire a GC, then have 3 or 4 of them all bid on that scope of work. This way you are comparing apples to apples. If you don't know how to put a scope of work together, then you need to learn that first and foremost.

See here:  Your Real Estate Scope of Work: The Drama Eliminator

And here:  Our Flipping Journey: The Scope of Work

I also recommend reading these two books:  

The Book on Flipping Houses

The Book on Estimating Rehab Costs

You can get them both here:  Flipping and Estimating Bundle

Check out the file section on BP also:  https://www.biggerpockets.com/files

There are many files there that may help you, such as this one:  https://www.biggerpockets.com/files/user/drobertson/file/sample-contractors-scope-of-work-documents

And this one:  https://www.biggerpockets.com/files/user/JasonScott/file/13-rehab-analysis-spreadsheet---basic

And see these:  https://www.biggerpockets.com/files/search?utf8=%E2%9C%93&term=scope+of+work

Hope that helps! Best of luck to you and happy investing!!

  • Braden Smith
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