Hello, I am a licensed real estate agent, I am fairly new to the business and I am trying to get into the investor side of things. The problem that I am coming across the most is advising repair estimates. I am not a contractor, I don't aspire to be and I don't always want to have to call one when I have a question about the cost of different things. Is there a better way to learn this? An app, handbook, website or anything?! I know this is something that you may learn as you go, but I am just hoping there is some kind of shortcuts. Any help or advice is appreciated.
Try going to a flooring store or 3 that does installs and ask them to give you pricing on full install. Ask them about "extras." Let them know you are a RE agent and want to be able to refer clients to them. Ask them about things to look out for. For instance, when we did carpet in our home one of our rooms was more than 12' wide. This meant we had to order only 15' wide carpet. And carpet is sold by the square yard based on what they need to do the job, including cuts, not what actually gets laid. So a 13' by 12' room costs the same as a 15'x 12' room. Other materials may not have this issue but you will still pay for every box of tiles they have to order, and a bit extra maybe if there are lots of cuts.
You can do the same for counters and other common upgrades/repairs/updates. After talking to a few (with some measurements) you will get a pretty good handle on estimating.
What is your focus as it relates to the investor side? Wholeselling? Fix and Flips? The direction you choose to go will depend on how much you'll need to know about contractor pricing.
Try J Scott's book, it helped me out tremendously
@Debra Grumbach awesome. That's a great suggestion and I will give that one a try!
@Dustin Meyer Wow! If it's really as simple as it sounds, that would be super convenient and just what I need! Thank you so much for that!
@Stephanie Benjamin Starting off I want to work on wholesaling. Fix and flips will come later.
@Sean Carroll Thank you! I will look on Amazon for that book. I need all the help I can get.
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