How to quickly estimate repair costs when doing online analysis?
I've been watching a bunch of Brandon's webinars, where he talks about doing a number of property deal analyses every day, and he quickly puts in a repair amount based on the photos of the property. But it seems to me that if the repair costs are off by any significant amount it can totally change the deal from a good to a bad one, no?
As a newbie, how can I accurately estimate repair costs when doing these daily deal analyses without actually walking the property with a contractor? Thanks in advance.
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You can't get to a good number without walking the property (in person or via facetime), but you can still practice pricing a rehab room by room from pictures so that when you do walk a property walkthrough you have a rough idea of what things should cost. This practice should at least get you to a number that says, this is a deal worth walking. As a start, free online services such as Homewyze can help you understands costs for many rehab items.