How to estimate repair price per a square

Question

I am new to real estate and wholesaling my question is how to estimated price per square foot, my focus areas New Jersey,Philadelphia, and Baltimore Maryland

Bruce Woodruff · Answer

Absolutely no way to do this...too many moving parts and different situations. Even using an online estimator tool will do little to help as there are still too many variables. Unless you can afford those $20,000 ooooopses...

You must either know the construction business inside and out (or know someone who does) or get a General Contr to walk every project for you...

Nicholas L. · Answer

you can't - just do an actual, bottoms up estimate for every property

Chris Seveney · Answer

@Jowel Pyle

Wholesaling without seeing a property is going to be an absolute waste of time. A good wholesaler will go visit a property and do an interior video or photos along with an idea of the cost to repair the property

If you are not educated to do that pay a contractor to give you an approximate ballpark to do the repairs

Also make sure to have legit arv assets

Russell Brazil · Answer

Not possible

Alan F. · Answer

Not possible, the guys responding are 100% accurate

Brian Tome · Answer

@Jowel Pyle

My wife and I are investors and we run a small REIA on the Eastern Shore. Most of our properties are in Cecil County, but some of the investors who attend are also in Newark/Wilmington Delaware area. We also have some STR investors who buy in Sussex County and Ocean City. Check us out at https://www.facebook.com/groups/846713759601226

It's a great group with a lot of knowledge and a lot of "action takers." And as you know - action takers are money makers!!!

I would love it if you would consider joining our group.

Kevin Wright · Answer

@Jowel Pyle I think what you're asking for is a resource to ballpark the cost of what you see being needed, without relying on a contractor who may quote a price and then come back asking for change orders and up-charges after the first surprise is found behind a wall, etc..

Check out Marshall Valuation Services and their online component cost estimators. We use this in the appraisal world. It is broken down by component costs taken from a survey of real world data and adjusted for time, location, etc.. There can be a learning curve as with any software platform but it can help you ballpark the cost of what you believe is needed in a property, then you can add your margin and contingency before backing into your offer price.

How to estimate repair price per a square

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