Estimating cost of repairs

[Javon Dixon]

I took a note from Sean Terry's ebook that a rule of thumb for estimating repairs is the equation: sq.ft of home x $10 = general rehab cost

Has anyone ever made an offer to buy using this formula? and then maybe got a more detailed estimate afterward?

[Tim G.]

Ask rehabbers what they usually spend on a rehab in your area. You'll get a feel for it.

Lets put it this way, if you have the choice of doing nothing or winging it on the first few I say wing it. Once you get a deal locked up and have a few buyers shop it they will let you know quickly if you have the right numbers.