New to Real Estate · Long Island, NY · Member since 2022 · 17 posts · 3 votes
About to start the second edition edited in, I believe, 2018. Does anyone have any thoughts on whether or not the content has become obsolete or remains relevant? I’m currently reading, listening, and learning and plan on jumping in the game within the next year or two, but as of now I have no construction or investing experience.
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
3y
As the author of the book, I'll chime in...
If you're looking for an accurate list of prices for various renovation tasks and components, the pricing the book is likely outdated for most areas. A lot of people are asking if I plan to do a revision in the near future, and the honest answer is, until the market settles down and inflation is under control, any pricing speculation is going to be out of date pretty quickly.
All that said, the main purpose of the book isn't to list prices for things. The main goal of the book is to teach the methodology for looking at a property, completely inspections, determining what needs to be renovated, creating a scope of work, and then using that scope of work to get real life bids on both labor and materials.
And that content is not at all impacted by economic conditions or changes in the market.
For anybody looking to learn the methodology behind estimating rehab costs and learning the process so that they can start estimating their own projects, the book is as great as ever.
But I would certainly take the pricing estimates with a grain of salt these days.
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
3y
As the author of the book, I'll chime in...
If you're looking for an accurate list of prices for various renovation tasks and components, the pricing the book is likely outdated for most areas. A lot of people are asking if I plan to do a revision in the near future, and the honest answer is, until the market settles down and inflation is under control, any pricing speculation is going to be out of date pretty quickly.
All that said, the main purpose of the book isn't to list prices for things. The main goal of the book is to teach the methodology for looking at a property, completely inspections, determining what needs to be renovated, creating a scope of work, and then using that scope of work to get real life bids on both labor and materials.
And that content is not at all impacted by economic conditions or changes in the market.
For anybody looking to learn the methodology behind estimating rehab costs and learning the process so that they can start estimating their own projects, the book is as great as ever.
But I would certainly take the pricing estimates with a grain of salt these days.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
3y
@Chris Farinella if you need specific market things - like the cost of this or that - I would certainly recommend networking with some real estate investors in your area. There are TONS of groups that meet in NYC. Some post here on the Bigger Pockets Marketplace. Many post on meetup.com. Even facebook will have some. Networking is always a great practice and you never know who you might meet there and what good information they have to share. Would certainly recommend visiting if one is close to you.
If you're looking for an accurate list of prices for various renovation tasks and components, the pricing the book is likely outdated for most areas. A lot of people are asking if I plan to do a revision in the near future, and the honest answer is, until the market settles down and inflation is under control, any pricing speculation is going to be out of date pretty quickly.
All that said, the main purpose of the book isn't to list prices for things. The main goal of the book is to teach the methodology for looking at a property, completely inspections, determining what needs to be renovated, creating a scope of work, and then using that scope of work to get real life bids on both labor and materials.
And that content is not at all impacted by economic conditions or changes in the market.
For anybody looking to learn the methodology behind estimating rehab costs and learning the process so that they can start estimating their own projects, the book is as great as ever.
But I would certainly take the pricing estimates with a grain of salt these days.
Thanks! Almost done, big note taker, then into Real Estate by the Numbers. Already ordered more post it’s for that one.