Estimating repairs

[Reggie Burnett]

Just starting out in REI and wanting to get a handle on how to quickly estimate repairs. In this very aggressive market I'm sure we don't have time to look at a property and then go home and take days to call and get estimates from contractors on repairs. How would you be able to accurately look at a property and quickly estimate repairs?

I'm assuming you would need to have a notepad with some general estimates like this:

• Replace kitchen cabinets:  $X per linear foot
• Rehab bathroom: $X per square foot
• Laminate or eng. hardwood:  $X per square foot
• Painting and sheetrock:  $X per square foot

Then when you are looking at the property you will need to do quick measurements of rooms.

Is this the general way or is it much more general than this?

Any tips from the REI guys who are already doing this?

Thanks!

[Allen Hayes]

If you're going DIY, go to the local home store like Lowe's or Home Depot, look at the kitchen, bathroom and carpet you like. 

The only time I care about sqft personally is when it's flooring or paint.  A bathroom remodel is driven by new tub/toilet/vanity, flooring is actually not a big driver.  Kitchens are appliances, cabinets and counters, flooring is only a big worry if it's a big room or you're doing a unique upgrade. Drywall is $10/sheet, the cost is in hanging it.  Paint is likewise reasonable at $30ish/gallon but the cost is in spreading it. 

With more experience you'll get better at your estimates.