All Forum Posts by: Colin Carey

@Pedro Campos thank you for the reply! I’m seeing a trend in the responses in casting a wide net on contractors and then filtering down based on previous experiences/focuses. 

I would also greatly appreciate seeing a copy of your rehab scope of work template. Thank you so much!

@Barry Ruby wow! That seems like an extremely effective and time efficient way to estimate a rehab's worthiness of pursuit.

I would absolutely love your rehab budget and scope sheet if you’re offering. Thank you so much! 

@Scott E. thank you for the insight! I’ll start reaching out to local contractors specializing in rehabs to try and set up relationships.

Enjoy the long holiday weekend!

@Nicholas L. thank you for the helpful advice and resources to check out! I’m going to start on building out a rehab estimation template that I can apply as a starting point for each interested property. I’ll make sure to include a line item for potential basement water remediation as well haha.

I do have one follow-up question. Once I have the potential rehab costs estimated, how can I best predict the added value to the property from it? Do you have any techniques you follow?

Hi Everyone! I'm just getting started in my real estate career and one area I want to improve on quickly, is rehab estimation costs as well as the added value from it. I am not a contractor by any means and I understand no contractor is going to walk a property, or multiple properties for that matter, to estimate your costs without the real intent of purchasing. I have used the estimator on the site and it just seems to be not detailed enough along with a black box around where the numbers actually come from. This is more so a quick estimate to evaluate if value can be added to a property, not the full due diligence needed towards final stages of closing. Thank you for any and all advice!