Estimating Rehab Costs + Repair and Maintenance Expenses
Hey everyone,
I am new to real estate investing and am currently learning how to analyze out-of-state rental properties. I live in San Francisco and am looking to invest in 3-4 unit properties in Columbus, OH (although I am still considering investing in other types of properties). The issue that I am having is that I am not sure how to go about learning how to estimate (a) rehab costs and (b) variable repair and maintenance expenses.
Thus, I have two questions that I am hoping some of you might be able to help me answer.
1. How should I begin learning how to estimate rehab costs? I am currently reading J. Scott's book on this topic, but I would like to start getting some real world practice. I believe that I have heard some suggest doing walk throughs with investors in your area, but would this be helpful given that I am looking to invest out-of-state?
2. Does anyone have any suggestions for estimating variable repair and maintenance costs for a property? It seems this may be a difficult expense to estimate given that it is not entirely clear what will be included in a property's "repair and maintenance costs", but maybe some of you have a rule of thumb or method to help you estimate these expenses?
Any suggestions are welcome and greatly appreciated.
Thanks,
Ryan