Estimating Rehab/Repair Costs

[Chasity Beatty]

I'm watching this video and he mentions a couple of reference documents, one of which is a 5-6 page checklist for room to room. I cannot figure out who this person is to reach out and connect on here to ask him to share these reference documents. Help! :) I'm reigniting my interest in REI after COVID scared me off. So starting this journey from scratch. Gathering knowledge to try my hand at whole selling to get my foot in this business and start to build some capital. I know this is a skill I need to develop. I'm open to any help beyond this resource. Thank you!

[Nathan Gesner]

Quote from @Chasity Beatty:

There is a book in the BiggerPockets bookstore specifically for estimating rehab costs. You could probably develop a checklist from that (or maybe one is included?). 

Or you can do a Google search and find plenty: https://www.google.com/search?...

[Eliott Elias]

Don't over think this, estimating rehab costs comes with a lot of experience. Walk 100 distressed properties in your free time and you will just know. No point in estimating line item, you want to over budget and almost come with a ridiculous number for rehab so you know you can't lose 

[Bruce Woodruff]

I'd suggest doing a search. This question is asked every week. You will gain a lot of knowledge by reading the other postings...... :-)

[Nate Sanow]

A simple overview of how you could make your own list:

write out every room if bedrooms give them a number 

Write down things you’d like to see done. E g “paint bedroom 2” and “resurface cabinets in kitchen” and do this bullet point style. 

Get good at looking at non cosmetic things like HVAC, roof, hot water tank and electrical panel and put those things in a separate list. Hopefully you’ve got inspection stickers or instal dates on some of these and the newer the better. 

Eventually you can just scan a room. Look at trim, windows, the little things… can you keep light fixtures? If not, count them. viola you now have a scope of work.