Updated almost 7 years ago on .
Instantly get material and labor costs for your rehab estimates
Hey everyone,
Kuba Fietkiewicz here, founder of REIkit.com real estate investment software in Los Angeles. Today I wanted to talk about getting material and labor costs for your rehab estimates, even if you've never set foot in a hardware store or called around for construction bids.
If you're just starting out in the house flipping, rental, or wholesaling business, you may have found out how hard it is to estimate rehab construction costs. There are really only two options in solving that problem:
1. You can bring a general contractor with you to every property you think is a potential deal,
or
2. You can get hands-on experience in identifying what is wrong with a house and do your own estimates.
The first choice is going to become expensive, fast. Unless you are in a position where you can offer work to the GC on a property you acquire, you're not going to get anyone to work for you for free.
The second option is the way to go. Yes, it requires more time and effort, but the education you acquire and eventual savings will more than make up for that. So, what's the best way to get this experience?
In my own fix and flips, I evaluate as many properties as I can find, and when I go to visit a potential flip, I take along my camera phone and film a walk through of each room and the exterior, carefully narrating what needs repairing.
Then comes the difficult part: identifying all the items involved with a repair, itemizing all of these costs into one tidy list, and calculating the final cost. For example, a window repair not only includes the cost of the actual window but also the labor that it costs to install it.
I created the Rehab Estimate Tool to help take the unknown out of getting an accurate estimate.
The Rehab Estimate tool has:
- Thousands of items to choose from
- Each item has a material cost and labor cost associated to it
- All costs based on your zip code
- Creation of an itemized list for you to share with contractors for project bids
Try out the instant material and labor costs Rehab Estimate tool on your next fix & flip, rental, or wholesale property today with a full-featured, risk-free trial:
Any questions or suggestions, I'd love to hear it, please comment below or chat at the site.
Cheers!
Kuba
P.S. - when you sign up for a free trial, you'll also get access to all of the other features in your REIkit.com software dashboard, including Financial Analysis and Marketing... https://www.reikit.com