Video on initial rehab estimates

[David Ripplinger]

I'm new to the real estate scene, and I saw this interesting video on getting a very quick initial estimate on rehab costs as you're considering a bunch of deals.

https://youtu.be/EtCDWoJVtOE

Is what they're saying fairly accurate for an initial estimate, as in, using this to filter out most of the bad deals, and then do a more careful estimate on the promising deals? Would the initial estimates change much for a rental rehab instead of a flip?

[Greg Dickerson]

@David Ripplinger I would not use this as a guide. Every house is different and prices fluctuate greatly depending on the style, type of construction, how many stories, age of the house, location, etc. Pricing also varies from region to region as he mentions in the video. 

You need to create a scope of work and price it out for each house. This can be done very quickly once you have the experience and the numbers form your contractors.

The best way to do this is to talk with your contractors, vendors and suppliers and get actual costs from them so you can build a database of costs for each line item specific to your market and style of home.

I have made a video as well discussing this very approach.