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:
Hey @Josh C.
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.
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.
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
Thanks I'll check that out
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.
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