All Forum Posts by: Matthew Berry

Originally posted by @J Scott:

You're right about the value in your book. I didn't intend to undervalue your methodology. That is great and certainly worth reading multiple times. 

I'm trying to determine a method to get tighter estimates based on local prices. 

What if I took the RSMeans Contractor's Pricing Guide: Residential Repair & Remodeling 2016 and multiplied by a local variable, such as cost of living?

Let's say my state has a +20% cost of living when compared to the rest of the nation. If ITaskA is listed as $35/hr and I multiply it by 1.2, would I get closer to a localized price?

I'm kicking off a conversation about rehab calculators tonight.

In my opinion, a rehab calculator should do more than simple add up the major categories for you (i.e. roof estimate + kitchen estimate + etc.). The real value of a rehab calculator/estimator tool is in its ability to roughly estimate how much the roof should cost to replace and how much that kitchen remodel will cost.

Aside from personal experience, what tools do you use for estimating rehab costs?

A few tools I'm familiar with:

• J Scott's The Book on Estimating Rehab Costs, which has a fantastic 8 page matrix of per unit costs and labor estimates.
• HouseFlippingSpreadsheet.com offers what seems to be a robust rehab estimator along with other tools, all bundled up in an Excel spreadsheet for $100-300.

Any other good tools out there?

The big concern that I have is regarding the prices in my area. Aside from walking the aisles of Home Depot or calling hundreds of contractors for quotes, what are my options to finding a "good enough" estimate of costs?

J Scott's guide is based on his location and negotiated rates with his preferred contractors. It's definitely great, but I doubt Minnesota is going to be a one-to-one match with J's territory.

All,

I'm looking for a general contractor in or near St. Cloud, Minnesota who can help me with a project. I have a home that requires extensive remodeling. I'm estimating $40-50k in repairs. 

Welcome to the community!

Welcome to the fun! The deals on the MLS are difficult to find, especially closer to the center of the Twin Cities. There's an influx of wanna-be investors who watch HGTV and make offers on crap houses. This drives up the sale price, making it difficult for investors to get reasonably priced deals from that medium. There are plenty of wholesalers and a lot of REIA clubs, which would be a good place to get started. I think consistency and perseverance is the key for the metro area. Just listened to the BP podcast with Danny Johnson. Good stuff, highly recommend.

I use Leasing and Management for property management. Came highly referred from a from of mine who does contractor work for them.

Adam Heim - How are things going in your rural community? Find any good deals? Learn any rural marketing techniques?

Checking in here. Were you able to fill those vacancies?

Ok, say I know that title was a shameless plug. If you're reading the post it worked. :)

Calling all wholesalers working in Sherburne, Wright, and Stearns counties.

If you happen to be finding deals in the following cities I would love to talk. Please message me if you are working any of the following areas as I am looking to buy. I have actual money in the bank. Looking to do cash deals and close as fast as the title company can coordinate.

Saint Cloud, Sartell, Sauk Rapids, Waite Park, Big Lake, Elk River, Zimmerman, Big Lake, Rogers, Otsego, Maple Grove, Monticello, North Minneapolis.

Alright guys, we're in the Google Hangouts room RIGHT NOW.

Link: https://hangouts.google.com/hangouts/_/matthewberry.me/bigger-pockets