Estimating Rehab Cost

[Richard Fulgium]

I am a new wholesaler and would like insights on estimating rehab costs as part of the property analysis. I am currently reading the book I purchased here on this subject, but would like more insights from experienced wholesalers on this piece.

[Michael Woodward]

@Richard Fulgium , My recommendation for people that need pricing is to do a mock-rehab on your own home. Make a thorough list of everything in or on your house that can be repaired, replaced, or updated. Once you have your list, take it to your local Lowes or Home Depot. You can either take it to the "Pro" desk and ask them to quote the whole thing or you can walk through the store and look for the tags that show how much they charge to install each item. I spent about two days in Lowes when I was starting out pulling all the prices myself. I also recorded all of the individual item numbers and prices so I could order them over the phone if I needed to do that. Keep in mind that big box stores tend to be on the high side of installation prices because they are acting as the middleman between you and the contractor so if you use their pricing for your evaluations, you should have a decent cushion.

Hope that helps. Good luck!