I was hoping someone could give me some advice to estimate the cost of repairs for a single family residence.
I have a few deals that I'm evaluating, that I need to present offers on. I have determined the comps but I'm not sure how to determine the cost of repairs. I dont want to call in any contractors yet, as I want to make sure these deals are even worth pursuing first.
Can anyone point me in the right direction?
You need to educate yourself as much as possible as to what things cost. One of the most important things in rehab is to have a good idea of what the work is going to entail and cost and how long it will take. That will come with experience. If you are not in tune with that yourself you need to find a good contractor who will help you evaluate the properties with the idea that he will get a good amount of the work. You need to find someone who is hungry enough to do this with you as well as reliable enough that you can count on him.
You could hire an appraiser to provide you a subject to appraisal that would detail a cost to cure estimate (repair costs).
Approach an appraiser in your community and suggest that you will give him all of your business in exchange for free or discounted subject to appraisals.
Thanks for the advice. I will most likely try to use a contractor but may look to an appraiser as well.
I have also been considering taking an appraiser class at my local communiuty college to get a better feel for how they evaluate a property.
I realy appreciate the feedback.