Overestimating rehab costs?
Hey everybody,
Still a newbie here trying to do My 1st deal. I'm looking into doing it long distance or locally. I've walked a few local properties, put in 1 offer and am being conservative with my numbers.
However when I'm calculating repair costs my numbers are huge, and that estimate makes the deal not make sense.
I'm worried about being too conservative, or maybe I just haven't found a good rule of thumb to help with? Or Maybe I haven't found a good deal yet?
Do you guys recommend just put the offer in, walk with a GC , then back out /lower my Offer accordingly?
What do you guys do to not overestimate rehab costs?