First post! So I've watched a few videos and webinars in addition to listening to a bunch of the podcast. Advice frequently given is to practice doing analysis so when the time comes to purchase property you quickly know what the numbers are. How do you analyze deals and get accurate numbers for expenses? ( taxes, utilities, insurance, lawn/snow, etc.)
In order to "quickly" know what the "accurate" numbers you would have to do many deals. In the beginning you can get close the accurate numbers but it is not going to be quickly. First write down every item that needs to be repaired and get quotes for labor. Go to Lowes or Home Depot and price the material. Add 10% for margin of error. Add in purchase and sales cost if it is a flip. There are other costs if it is a rental. I guess what I'm saying is you have to go thru the process a few times to get an understanding of what the costs are in your area. Be thorough, be diligent, and be persistent. You will figure it out.
Thank you so much for your response. What about analyzing homes you're viewing online, just as a form of practice?
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