BiggerPockets

Can someone suggest a good way to estimate repair costs, or should I just stick with quotes from multiple contractors?

How do we get our hands on this program Tim? What does it cost? Is it a software application?

Thanks in advance.

Will

I have not used it myself, but have some friends who are Cat Adjusters and they seem to like it.

I think it runs about $200 a month or so and is a web based program.

Thanks for the recommendation, Tim. I've contacted the company to see if there is a way we (BiggerPockets) can work with them.

RSMeans puts out several estimating books. Some are pretty pricey though. The one I have ($25 bucks) is titled, "Interior Home Improvement Costs". They also have one for exterior improvements. In the back of the book they have a section for adjusting the cost based on your location.

Not a bad book for rough estimates. I used it alot when I was in construction.

I think the best thing would be to do both. Develop a spreadsheet that will help you perform a takeoff on the specific elements of the project and associate costs to those tasks. Then solicit bids / pricing and develop another spreadsheet to track and evaluate these prices. Compare the two so you can stay up to speed with current pricing in your local market and viola!

I found this site that has lots of pre-configured templates specific to the construction industry that are designed for MS Office, a program you probably already have anyway (Like myself and most other PC users). Saved me tons of time building spreadsheets and other documents because they've already done the work. I think the guy is a contractor himself.

You might want to check it out: http://www.constructionofficeonline.com

You have to know these repairs
costs of the top of your head

Software forms contractors forget it

If you do not know go to home depot
and talk to the trades people walking
in/out

In fact pick up a guy there he will moonlight tilers HVACs, ect they'
all go into these places

You have to know repair prices
right away and where to get the
absolute bottom price and the best
quality.

If you do not have these connections
get them of find them

If you have to ask price this clearly
shows you that you do not know this
or the basics in investment property

SKI

I agree with Howard here

I am a contractor and I get calls ALL THE TIME from folks who want us to come out and give them a free estimate. They think I get excited walking around with them while they talk about the amazing project they want to build. When I ball park it for them, they freak out because they do not have a clue what a project will cost or what it costs to do an estimate (figure 40 hours or more for a big project) or run a contracting company.

It takes decades to know how to do an estimate on a complicated project. A handy guy can do one for a new door or vanity, not a big project. This is when an unprofessional contractor moves off your job and you call a lot looking for him.

The absolute best way to get a great estmate on a complicated project is to pay a GC for one, OR develop a relationship with a great general contractor you will actually give the work to. He/she can show you their costs and mark up on costs.

I tell my investors right up front that minimum mark up on COGS is 1.5 - 1.67 for a complicated custom project. Your contractor is going to want to walk away with 5% profit minimum on a commercial project, or 8 -10% profit on a residential project. As a professional investor, you should understand your contractor too is in business to make a profit.

You can also hire a GC as a project manager to do this coordinating for you, he/she is gonna want to see 12 -14% of project revenue as pay.

You can find Cost vs Value reports in Remodeler Magazine. They put regional reports out annually.

You can locate reputable professional contractors via NARI or Remodelers Advantage - 2 national professioanl organizations. Our company belongs to RA.

Stick to your knitting and hire a pro. Develop your team.

Diane

http://www.marshallswift.com/p-113-the-home-repair-remodel-2009-cost-guide.aspx

It's been mentioned to me before, however I have not tried this route yet. Is to get a ride a long with an insurance adjuster and bring your sponge brain for maximum absorbing.