Updated over 2 years ago on .
Developers, this is for you.
Check out this text exchange I had. ⬇️.
When thinking of investing in a property, sometimes you just need an estimate to let you know what you’re walking into. Running the due diligence.
It’s a “gut check” estimate. We call it an ROM (range of magnitude). To make sure the numbers work.
But the pressure to engage a contractor or architect for that estimate can make you freeze.
It can be intimidating.
….Back to the text exchange….
I took the Redfin listing, photos, and description of what was new, and came up with my own estimate of what it could potentially cost.
It was practice, to see if I could provide a conservative number with limited information. Never set foot on the property.
My goal in these exercises is to be conservative (without being crazy) so that when you do officially go out for bids from contractors, they come in lower than me.
The strategy here is to highlight that if you were willing to engage contractors with my “gut check” estimate in mind, then you already made that mental commitment to take that next step.
That’s a big deal.
And it will be a pleasant surprise when bids come in slightly lower.
Let More With Mueller help bridge that gap.
Consider More With Mueller . We manage your contractors so you don't have to. Expect More.
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