Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

33
Posts
2
Votes
Nicholas Anderson
  • Rental Property Investor
  • Boise ID + Pasadena, MD
2
Votes |
33
Posts

“Checking” Your Analysis Work

Nicholas Anderson
  • Rental Property Investor
  • Boise ID + Pasadena, MD
Posted

Hi Everyone,

New investor here. I have a Finance/Cash Management background and per the advice on the forums and podcasts, I am currently trying to analyze a large volume of properties in the market I’ve selected before making any offers.

The main problem I'm running up against is "checking my work" for the rehab estimates I'm selecting. For all of you seasoned investors how did you get to a point at which you were comfortable with your rehab estimates by just looking at a property on the MLS?

I’ve bought J Scott’s books and go through them line by line when doing rehab estimating but it again goes back to my problem of not being able to verify that those numbers are correct. There is also the problem of this approach taking quite a long time.

I understand that I will be performing inspections to confirm my assumptions but I feel like I might be missing something here. What’s the point of analyzing properties if you don’t know of what you’re doing is correct?

Thanks for your time!

Nick

Most Popular Reply

User Stats

2,206
Posts
1,253
Votes
Replied

@Nicholas Anderson i would analyse the houses as rent ready. If the numbers make sense then see the house. Get 4 or 5 houses that meet your goals and go see them. Call local sub contractors and get an estimate for various projects. Flooring in my area is $3 sf + cost of materials. If it is a major rehab I would pay a contractor to walk the property and get a better idea of the cost. I would never try to estimate cost from pictures. 

Loading replies...