Accurately figuring repair costs

[Talon Revis]

    I am looking at a couple of multifamily homes right now. This is my first...

What's the best way for a beginner to learn how to properly assess repair costs? 

I see people walk through a home an just "know" and are usually pretty damn accurate, but I'm not there yet. 

[Krista Patrick]

Hi Talon,

I'm still very very new to assessing repair costs so hopefully someone else can chime in as well. I know a little more about new construction but am about to dip my toe into my first massive renovation so I've been looking in to this as well. 

Unfortunately what I've come across is that this seems to be something you learn from experience. It's so hard to get firm numbers because the costs change dramatically depending on location, finishes, and timing the cost. If you can get a sub to commit to a bid its likely only good for 30-90 days max. 

Here are some resources you might find helpful: 

The BP Rookie Podcast

The Book on Estimating Rehab Costs (also a BP book)

These episodes of the Rookie Podcast might be particularly helpful for you:

Episode 278

Episode 244

2 parts, Episodes 165-166

Good luck!