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Rehabbing & House Flipping

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Michael Mastantuono
  • PHX AZ
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estimating construction costs in the Indianapolis area

Michael Mastantuono
  • PHX AZ
Posted Nov 17 2022, 10:06

Is anyone using cost estimating books or software to estimate construction costs on their flips? 

I need it for the rehab budget to supply to the lender.

Or, are you mainly just going off of bids from contractors?

I'd also like to have a way to budget different scenarios like adding a bathroom, or finishing an attic, or adding a garage. 

Thanks. 

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Adam Reyher
  • Residential Real Estate Broker
  • Brownsburg, IN
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Adam Reyher
  • Residential Real Estate Broker
  • Brownsburg, IN
Replied Nov 19 2022, 20:07

Best way is to go is getting quotes. I would be happy to help.  

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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
Replied Nov 20 2022, 09:15

Go off of what your contractors say, the book is broad and there is no way it can accurately estimate the cost of material and labor in every market with one number. It's good to go off of if you want to see ballpark figures

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Tyler Lingle
  • Real Estate Broker
  • Indianapolis, IN
266
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Tyler Lingle
  • Real Estate Broker
  • Indianapolis, IN
Replied Nov 20 2022, 11:11

Get a broker that either does flips / understands investments and has great connections with GC's in the area.