Trying to Analyze My First Deal. Need Help Estimating Rehab Cost!
Hello!
I'm still in the phase of saving money and getting my REI education. My goal is to make my first deal on a house hack within a year! While I'm learning, I'd love to start analyzing deals so that I'm ready to pull the trigger when the time comes. However, I feel very overwhelmed by calculating all of the expenses required to accurately analyze a deal. As I've heard the math and the numbers are perhaps one of the most important aspects of this REI business, I'd love to get great at this!
I have a property that I'm trying to analyze, and I'm wondering if someone could walk me through what goes on in their mind when it comes to estimating rehab costs by looking at an MLS listing.
Realtor.com Link to Potential Property
Additional Questions:
Would you even calculate it yourself or call a contractor immediately?
What resources do you recommend for estimating rehab costs? (I'm thinking the BP Book on Estimating Rehab Costs)
Is this supposed to be a quick process? Or does it eventually become quicker after you really assess many properties?
Any insight would be GREATLY appreciated, thank