All Forum Posts by: Alina Beryh

On the subject of windows, As a remodeler and renovator,I 'd get the measurements, see what type of windows are next door (approxiamate vinyl or wood type) and call a window supply company for material and turnkey price, if they do such. The Labor is tough because time is money, also if the windows are rotten thru, the structure is probably compromised underneath as well. If the Sashes are bad and the sills are good, i'd get inserts or sash packs if you are tight on cash. Lastly, double pane windows are usually overrated in renovation because the payback is usually 10-15 years as flashy as they appear. Single pane windows are fine provided they don't leak air (check to see if they rattle). 

Aesthetics help to sell ,but you can shop this cheaply by the square foot. If I'm buying, I will check the roof and foundation first. Look at the mechanical systems. Damage in these areas will start a talk or a walk.

@Alina Beryh another technique is to try different contractors for different parts of the renovation rather than letting one company do the entire job. One guy does the outside repairs/paint. If you don't like them, find another guy to do the interior paint. Another to do the floors, etc. Once you find a good company that you like, give them the entire job next time. As a flipper, it's all about the ARV minus repair and holding costs. As a buy and hold investor, you don't need to be that close on the numbers because the longer you hold it, the more you make.

I have two suggestions. (1) Find an experienced investor and cut her in on the deal. Just make sure they have real experience in YOUR local area and with the property type. Reach out to them and ask for a 10-15 minute conversation and see if they will partner with you for a small slice of the deal. A lot of investors may do this as a part of "good will." (2) Find a certified 203K consultant-flat fee (I think HUD.GOV maintains a list). For big job (repairs in the amount of 100K or more) the fee is going to be (last time I knew) $1,000. This number should at least give you a minimum baseline. In my experience these guys have extreme knowledge and once you are talking to them you will learn a lot and the report they provide will give you a good jump point.

As an aside- I do not understand why people are so rude when answering the questions. This is supposed to be a forum for leaning and growth. Anyway, I hope my ideas help. 

I found a guy the hard way. I called another flipper and asked if he had knew of anyone looking for work. He led me to my guy - who I made a partner in my business.

My brain is better, but it is through experience. 

All costs vary regionally- this includes materials and labor.

I would still use the calculator for a reference point. 

I have done multiple flips in Pittsburgh (southside & McKeesport) and until you get your construction team in place, you are going to be all over the board. The estimate calculator will give you a near enough idea that you may be able to ask somewhat educated questions on cost and why. 

I would also recommend getting at least 3-5 bids on every aspect of your job. This is the beginning of your remodel- where you either will keep your project on track or not. It is well worth taking the time to do this, especially if you have never done a flip before. 

Getting bids and understanding the process is not the place to be lazy. 

I would also read Scott's book on remodeling costs ( on BiggerPockets book store). 

Anyhow-good luck

@Alina Beryh when I am estimating repairs, I am using big round numbers to determine if it makes sense to purchase the property. $10K, $20K, $30K, etc. If it is so close that I actually need a contractor to give me the estimate before I buy the house, it isn't a good deal. Renovation costs almost never come in lower than the estimate. You should be able to narrow it down to a $10K window of repairs. Your purchase price should be low enough for you to be off and still make a profit. Otherwise, you are paying too much.

There are other ways to learn how to estimate rehab costs. Here's an example: start with a kitchen. How much are new cabinets? How much is a new counter top? How much is a floor? Just for the materials. Once you figured out the kitchen, move on to the bathroom.  

I do not think you will be able to find an effective calculator since every single area and every single project is unique. The best bet is to get local contractors to provide you with reliable quote and getting a local General Building Contractor to work with you in one of the best things you can do and add them to your team. There are times of the year contractors are busy so they do not have much time to go around providing people with cost estimates this is why you need to get one on your team so they  are more accessible to you. 

Maybe until you can get a contractor or some contractors on your team you may have to pay to have estimates provided to you. 

You might think of going down to your local building department and having some discussions with them regarding costs. Many building inspectors work on the side providing services to builders and/or investors.