Updated over 9 years ago on . Most recent reply
Wholeselling
Can some one please tell me how you come up with your repair cost when looking at a property to wholesale my mentor told me to bring in a contractor for every deal but it seems like everyone else says that unnecessary. And also what is a good way to find your comps or is getting an agent to run them for you the best way Thank you
Most Popular Reply
@Sean Seger Fellow wholesaler here. On any of my deals I have never taken a contractor with me. When you start to do deals you will get a better hang of how to estimate cost of repairs. For now I would suggest using this 3 question method to estimate your repairs. Find out if the property needs no work, a little work or a lot of work. Here's the breakdown:
No work - $5k-$10k repairs
A little work- $15k- $20k repairs
A lot of work - $25k and up in repairs.
Because I won't be rehabbing the property it makes no sense to bring in a contractor that I choose. So don't put too much effort into figuring repairs. Let you buyer bring his expertise and opinions to the table cause that's what is gong to matter most. Hope this helps.
Louis