Estimating repairs

[Reggie Burnett]

Just starting out in REI and wanting to get a handle on how to quickly estimate repairs. In this very aggressive market I'm sure we don't have time to look at a property and then go home and take days to call and get estimates from contractors on repairs. How would you be able to accurately look at a property and quickly estimate repairs?

I'm assuming you would need to have a notepad with some general estimates like this:

• Replace kitchen cabinets:  $X per linear foot
• Rehab bathroom: $X per square foot
• Laminate or eng. hardwood:  $X per square foot
• Painting and sheetrock:  $X per square foot

Then when you are looking at the property you will need to do quick measurements of rooms.

Is this the general way or is it much more general than this?

Any tips from the REI guys who are already doing this?

Thanks!