Calculating Rehab cost
Hey BP Family,
I am new to RE investing and one of my biggest concerns is Rehab cost. I know that only comes from a lack of knowledge, so I looking for advice, tips, tricks, or rule thumbs to calculating rehab cost.
I have heard on average about $25/sq ft in rehab if the home is livable and about $40/ sq ft if it is not livable. Is that about right?
Lastly, I am working with a contractor, should I send him to every house that fits my criteria and to get estimates? He is a good friend but funds are limited and I dnt want to take advantage of the friendship. Or do I should I wait until I have the property under contract and have a good sense of whether I will buy or not should I have him look at the property? I know if can get better at estimating those cost I won’t have to ask to go as frequently, any help is much appreciated.