How do I learn how to estimate repair cost?

Question

I have the money to start another mass mailing campaign, but my sticking point is that I don't know how to accurately estimate repair cost. Where do I get started in learning how to do this?

At this point, I'm not even sure I can look at a house and tell what it needs. I have never rehabbed a house so I don't necessarily know what a contractor would want to do to it, other than obvious stuff like a new roof and paint or replacing old cabinets.

Patrick Philip · Answer

@Delmar Bennett thanks. I bought it.

Delmar Bennett · Answer

@Patrick Philip Buy this Book "The Book On Estimating Rehab Costs". by J.Scott

Jose Flores · Answer

Hey @Patrick Philip Estimating Repair Cost is one of the 5 skills needed to be a Pro at Wholesaling.  Here ar some key concepts you need to learn.  One is that when you walk into a house you need to know  what the major components to look for are. Second is as you are looking at those components you need to know what the materials would cost at Home Depot and if you were to call a contractor what would they charge for labor. I have generated a list of all the material cost that you would expect to pay at Home Depot. Now that you know what material cost is we can move on to labor. There are two things you need to understand about labor cost. One is that many contractors will include material and labor in their estimates. That is why the material list is important because it allows you to easily subtract the material cost. Second, is that there are two types of labor prices; retail home owner and investor friendly.  Know what to look for; know cost of materials; and know cost of labor.  A rehab checklist helps you accomplish this.  So find yourself one to use as a guide.