I'm a first time real estate investor looking to do my first BRRRR deal and figured I would start with something easy like a cosmetic rehab as I don't have a construction background. I'm currently learning about material costs and how to install everything I'll need to. Does anyone have a material price estimate sheet for items like flooring, paint interior/exterior, and basic wood siding etc. or have a suggestions as to where I can find one? I've tried putting together my own excel version but feel like I have nothing to compare it to. Any suggestions welcome, thank you!
When making a materials list, compare what you want at one store to what is available and similar at two or three or four other stores. At that point, you'll get a pretty good idea of the range of what certain things cost.
The best way to learn is to do. Take your time, build your list, and learn the price of materials.
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
5y
“Hi @Liam Galbraith, welcome back to the BiggerPockets forums! This is one of the trickiest parts of the business and I can recommend nothing more than these two books, written by a master flipper with lots of repetition and value to add:
The Book on Flipping Houses by J Scott
The Book on Estimating Rehab Costs by J Scott
Dive into these and you’ll be on the short path to knowing this craft well. Good luck!
When making a materials list, compare what you want at one store to what is available and similar at two or three or four other stores. At that point, you'll get a pretty good idea of the range of what certain things cost.
The best way to learn is to do. Take your time, build your list, and learn the price of materials.
Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
5y
@Liam Galbraith, I agree with Bob. You can get other people's costs, but even Home Depot charges a different price for a 2x4 at the store near me and the store 20 miles away. Additionally, since the pandemic, a lot of materials have gotten more expensive. One of my friends originally quoted a framing package at, I believe, $40k for a new build. When he actually went to order in the pandemic, that $40k quote rose 50% to $60k.
I would go through your plans and determine what you need/want, then start shopping around. Lowes and Home Depot are clearly the easiest, and that ease has a value. But, if you are willing to shop around and source from various places, you can probably save some money. It all starts with knowing what you need/want.
@Evan Polaski Thanks Evan I appreciate the tip, the first one I'm doing is definitely a budget BRRRR so anything that helps save money I'm willing to put in the work for.