How many times do you need a GC to get the hang of estimating?

[Mike Schorah]

How many times do you need a general contractor with you looking at a property before you get the hang of estimating the numbers?

[Dustin Olverson]

I separated my flips from Materials and Labor in the beginning. So I purchased all the materials and the contractor gave me his labor price. After about the 10th flip your estimates just become the average of what it cost to do a job. For example, My appliance package cost $2,500 and labor to install is $200. On average my appliances will cost me $2,700.

On average 100 sheets of drywall cost me $1,100. The labor for the hanging and finish is about $30 a sheet. My average for paint ready is $40 a sheet. So my estimate would be about $4,100 for Drywall and $2,700 for my appliance package.  

After awhile as you walkthrough the property you just run the numbers in your head. I am usually plus or minus $5,000 with this strategy. However, I see at least 5-10 properties a week and I this is my full time occupation. Any new Investors I start to coach, I teach them to see and run the numbers on about 30 properties a month.

When I first started out I also use to walkthrough the Home Depot isles and remember key material pricing. I have plenty of Apps and programs. But, in the field you have to make decision fast and accurate. I no longer need an APP or GC to help me determine if a project is good. 

Good luck!!