General Rehab Costs

Madison, WI · Member since 2019 · 37 posts · 23 votes

Any Madison Wisconsin or Madison area flippers here? Wondering if you have any general rules you abide by for estimating rehab costs without actually going to the property.

1 Reply

101 views

3 Replies

Jump to latestLatest

Sort by

Jaron WallingPro Member
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
11mo
@Kyle Hoppman We're not from Wisconsin but I'll tell you from experience we don't use any rules or calculators when budgeting for flips or BRRRR deals. We walk the property, take photos, measure flooring, count cabinets, and run the numbers manually in a spreadsheet. Unless you have experience and trusted contractors there is no other way.

If there's a shortcut out there we haven't found it.
0 Reply
Peter MckernanBusiness Member
Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
11mo
Quote from @Kyle Hoppman:

Any Madison Wisconsin or Madison area flippers here? Wondering if you have any general rules you abide by for estimating rehab costs without actually going to the property.

I would get a GC to walk it, there is really no rule of thumb to get these numbers. The times that you get numbers like this as a general base for rehab costs is when you lose big on the project. Make sure you walk the property, over time you will be able to see a project and say "oh that will be X amount roughly." If you get to a place where you are buying deals without seeing them, then you will have that rough number by doing all the deals and then once you close you can get your GC in.. I would still use a big buffer on rehab costs in those situations.
The McKernan Group4.957 Reviews
Website View Page
0 Reply
Sandi Harris
Investor · Austin, TX · Member since 2025 · 7 posts · 4 votes
11mo
@Kyle Hoppman Setting a 7-10% hard cost contingency on a remodel is typical. If you have any plans/drawings, sq ft numbers, pictures, or material counts handy to share with a subcontractor, you can use this to get bids. I recommend a few bids per trade to compare numbers. If you choose to us a GC to manage the construction, they will typically charge 10% on top of all hard costs so that will affect your total costs.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.