Rehab Cost Estimates

[Rich Wahl]

Hi guys!

I have a question for the experienced wholesalers out there. How does someone, with no construction background estimate the rehab cost of a house.

I know J Scott wrote a book on it, and I will likely pick that up, and I have read in another book, that making a spreadsheet (or having one available) with all of the common things found in each room is a good way to start.

So if the kitchen needs (for example):

-new countertops

-new tile floor

-new backsplash

-new stove

I would just measure everything, write down the materials that are already in there (i.e - granite countertops), and price it out at Home Depot or something?

As for the labor costs - how do people usually go about estimating that? I feel it could get very expensive, and/or time consuming having a bunch of different contractors come out and give quotes, or even more expensive, a GC.

Any input or methodologies on this subject that you all have employed succesffully would be so much appreciated! Thanks!