Hey BP community! I'm posting today because I would like to get some helpful tips on how to analylize a potential rehab. I'm struggling with making offers on propertys, because I'm just not confident in my abiliy to make an accurate assessment on a property. What are some of the tools and resources that you use that make the process quicker or more accurate? Also do you have any general rules of thumb you follow to help with the process as well. I'm very excited to hear about some of the tips and tricks you may have to make analyzing property's a quick and easy process. Looking forward to speaking with you all soon.
I only do buy and holds so I'm also interested in this answer, but I can tell you that a good home inspector can often not only tell you what needs to be fixed, but also about how much it will cost and/or point you to a good contractor. I hope this helps a tiny bit. :-)
Good luck! I can't wait to see what other folks say!
Everything helps thank you Jody, I also can't wait to see different strategies rehab investors use!
Howdy @Cody Wilkinson
Are you planning to Flip Houses? Buy and Hold rental properties? SFR or Multi family?
The first thing I always recommend is to get J Scott’s books available here on BP, “The Book on Flipping Houses” and “The Book on Estimating Rehab Costs “. They will provide you with a good foundation.
Next find you a good contractor to walk properties with you to develop estimates. After you do enough you will be able to do it yourself.
And as @Jody Schnurrenberger recommended I always have properties professionally inspected.
J Scott breaks down all the components and provides a checklist that you can take to your local big box store to find prices. Then all you need is the labor costs.
Remember estimating the Rehab costs is only part of the analysis you need to complete.
@John Leavelle I'm always looking for good books, but I have yet to find on that helps with estimates so this is great news! I just ordered both, I figured why wait. :)
@John Leavelle , I agree! I don't even do rehabs and I wrote those down after seeing how popular they were on Amazon. :-) THANK YOU!