Bacliff, TX · Member since 2017 · 4 posts · 1 vote
I'm having trouble on how I get the repair costs to a property before I can make an offer or put it under contract? Or is it more of just eyeballing it?
I don't believe this is good advice. First, if you pllan to wholesale as a business and not just a one off deal, you need systems and one system requires you to be able to calculate repair costs accurately and efficiently. Paying a contractor for every house you look at it silly and costly.
You personally need to learn how to perform this task. Rather than regurgitate the same info over again, suggest you do a search on BP for "how to estimate repair costs". There are literally hundreds of these threads some very recent where valuable insight has been given. I for one have provided detailed step by step instructions in some of these threads. I also provided a repair cost form several years ago in the BP file place found here: https://www.biggerpockets.com/files/user/BarnardIN...
I don't believe this is good advice. First, if you pllan to wholesale as a business and not just a one off deal, you need systems and one system requires you to be able to calculate repair costs accurately and efficiently. Paying a contractor for every house you look at it silly and costly.
You personally need to learn how to perform this task. Rather than regurgitate the same info over again, suggest you do a search on BP for "how to estimate repair costs". There are literally hundreds of these threads some very recent where valuable insight has been given. I for one have provided detailed step by step instructions in some of these threads. I also provided a repair cost form several years ago in the BP file place found here: https://www.biggerpockets.com/files/user/BarnardIN...
Investor · Los Angeles, CA · Member since 2014 · 285 posts · 142 votes
9y
Get The Book on Estimating Rehab Costs written by J Scott. You can also try to get your hands on inspection reports from other homes, study them and find out what to look for. Focus on the identifying the more expensive things. Invest in a good flashlight, take notes when visiting the property. Let the agent know your concerns and ask plenty of questions based on your observations
Investor · Fort Worth, TX · Member since 2016 · 41 posts · 48 votes
9y
Welcome to bigger pockets. It is way more than eyeballing it. Your money is made on the buy and if you cannot spot a saggy roofline or signs of DIY gone wrong you will lose. A good fix and flip teacher/mentor in your area should show you how to use a spreadsheet with the cost of supplies and labor rates pre loaded. I had the opportunity to look at some fix and flips with a great REI mentor/teacher named Jimmy Reed and my repair numbers were spot on with his. This was a big confidence booster. You also want to get schooled on home inspections because some of your biggest repair costs are in plane sight of a trained eye. By the way, you should be able to knock out repair estimates in 15 minutes and move on to the next address.