How Can I calculate repairs on a property? Is there any Contractors bid sheets I can download or repair estimate sheet I can download?

7 Replies

Does anyone have a Repair estimate sheet, or repair calculation sheet i can use to calculate repairs, thanks I'm new to flipping and would like to become great at it, please help! 

thanks

Every area has different costs for repairs - Even Chicago (where you are) and the Chicago suburbs (where I am).  If you want a book that does a great job of helping estimate this cost I would pick up J Scott's Book : The book on estimating rehab costs ( you can get it on amazon).  I found it to be pretty awesome as well as his book on flipping houses.  Another idea that I have used is to get a contractor that you would use and have him walk you through a potential house that is for sale to give you an idea of what the cost would be.  That way you can get an idea on an actual contractors cost.  

I would say J Scotts book if you are starting out. I only look at his table and I already know the ins and outs. Now if you are in a different area, the numbers just needs to be factored, get a few bids and compare them with the book, you will then have a rough idea what that factor is. The factors is across the board, be careful on bid front loading. The problem also when soliciting bids, is different scope, you need to tell each and every contractor what you want, write it down, print it, give it to them for pricing, be as specific as possible, have samples from your local supplier store if possible, if not, let them know to give you a price limit on estimates, say "put up a budget of $150 for the toilets, ill pick a design at home depot later".  

that's like asking "i need to study how to be a salesman". 

what you need comes with walking the isles of home depot and knowing how much everything costs. everything. that is a good place to start.

Same work ,three different contractors , three different prices , they may or may not be close . 

Personally I have found that it is best to take a morning and literally walk every isle of a supplies place with a notepad. I took the style of home I was interested in and the size of each room and went a priced what it would cost to rehab that property. I found this to be very helpful in pricing materials and what may work for each specific property ( granite, laminate, builders grade  and so on) 

I personally have seen the biggest price variance in labor cost for contractor. 

@Anthony Kondor

I have a couple of starter ones that I can email.

just send me a direct message or go to my profile page for my email.

thanks.

Cheers

My contractor recommended the RS Means Contractor's Pricing Guide. It's available on Amazon