Estimating Repairs

by Mike Jacka on April 20, 2009

Most newbie investors are scared of making offers because they are not sure of the repair costs. This is completely understandable if you did not come from a construction background. I would venture to say that if most newbie investors were comfortable with repair estimates, then they would be way more comfortable making offers.

There is a way to quickly estimate repairs if you break the repair cost down into major components vs. miscellaneous items. Here is a list of what I consider Major Components:

	Roof Windows & Doors Paint Exterior Paint Interior Carpet / Flooring Kitchen Baths Electrical Central Heat / AC Plumbing Foundation / Basement Garages Steps / Decks Dumpsters / Cleanout
Estimating Repairs for Rehabs and Wholesaling

Everything else is considered a Miscellaneous Item. If you know the total cost of all the Major Components, then I take 25% of that number to determine the Miscellaneous Items and add the two together. This will give you a general ball park number so that you are able to make an offer. However, never close on a property until you have an experienced contractor give you a bid or double check your numbers.

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4/25/2009 1:29:26 AM #

Great video, Mike... this was very helpful. Great tips on how to speed up the estimate for rehabs and rentals! Thanks.

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