Construction cost

8 Replies

Hi new to the forum. I have a lot of construction experience knowing how to build, fix and repair houses. I have been out of the construction business for while and don't know the costs. I would like to walk into an investment property and be able to make a good estimate on the costs with out having to contact either general contractors or subs for their estimates. Does anyone have any suggestions? I have heard of apps that do this but, I don't know if they account for labor costs as well as the fixtures. Thanks.

Yeah there is a perfect app I use on all my rehabs. Best part is it's free in the App Store. You just take pictures of the rooms and it spits out a material list (Lowe's material only) and how many hours the job would take so you just have to input your hourly pay rate. It's 95% accurate based on my experiences.

Here is the link below:

There are tons of folks reading BP. I've gotten lots requests asking about this in the last 30 mins.

I do apologize, but I thought it was clear I was just being sarcastic. Just killing time when I should be working on a property. I wish life was that easy, but there never has been or never will be an alternative for experience. I guess I forgot what's it's like starting out. Sorry.

I might pay $100 to an experienced contractor to walk through a really bad property and give estimates of what different fixes cost and take really good notes.

My bad.

JScotts book are what I used to get started.  My entire bid process is based off these books.  I live within a few hundred miles of the area he based his values off of so adjust accordingly for New York.

http://www.biggerpockets.com/store

It's all good you has me going on that app.
I will use J Scott's book. Thanks all for your input.

I a newbie, but...

I use hammerpoint.com and it's free

I typically use $30 per square foot for rehab properties. The number is scaleable depending on the area and the expected returns. ie. If its a higher end neighborhood you can estimate a higher cost per square footage conversely  if its a lower end property you can spend less per square foot.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here