System to estimate repair cost?

Fishman,
I have some rehab sheets I use. They may not have the right prices on it for your area. I also have walk through sheets that I use when I am walking through a property as I am taking pictures of the overall rooms and the areas that need work. I can email them to you if you like
Kat

Kat, That would be great ! Plz do.
Thanks for responding ....

Fishman,
I went to Barnes & Noble and invested in the "National Repair and Remodeling Estimator". Also comes with a program you can download in your computer for estimates.

Bruce

Hi guys.
Kat, I would love to see your sheets as well if you dont mind. I'm sure they would be very helpful as the cost basis of most items will be pretty universal - its the labor costs that will vary from place to place. What I have done is over the last year since beginning rel estate, I have kept track of the repair costs on all the walkthroughs I've done with my fiance/handyman, and made up a book of costs. This way now I can get a pretty good idea myself without having to drag him through each one. I have also taken my digital camera into Lowes/Depot etc. and taken pics of the price tags on flooring, carpeting, windows, toilets, etc., and added those. Also, when you see a property - start from the exterior, and then go room to room. I go around each room taking pics and notes from eye level down to floor, and then eye level up to the ceiling. When I first started it was frustrating how many times I couldnt remember if there were fixtures already wired in ceilings, GFI's in bathrooms, etc. Hope these ideas help. Good luck!

Fishman,
I sent you a private message with my email address. I tried to post the sheets in the PM but it didn't work.
Kat

Laura,
I sent you a PM with my email address. I have no problem sending them to you.
Kat

Bruce, I will check it out ! I went to B&N too and found sone home inspection books
that seem to help alot, THANKS !

could you email them to me as well.

Hi Kat, could you also email me those sheets that you use. I'm trying to teach myself to estimate repairs. Its been the one area that has put a roadblock in front of me and I need to get around it asap. Thanks for sharing. God bless!

Deshone - Mr. Real Estate

I have a question I am hoping someone can answer. I have been looking into software that I can load into my laptop so I can calculate the rehab cost while me and my partner are in the house.
Any suggestions on what software is good and accurate for calculating rehab cost in the state of Minnesota?

Kat, CCC and Fishman,
Could you also email me the cost estimate sheets. I think they could be very useful with consideration to cost differences based on area of living. Thanks All!!
Appreciate the help!!
-Brian

I have several spreadsheets that calculate repair costs, money costs, hold time, closing costs, commissions, ARV and finally net profit. All very hi tech stuff. However, I use contractors, not soft ware to re hab my properties. They know more about what they do than I do! My software is only as good as I am! I have them come to the property and supply a written estimate for the rehab. They know they will get the work if my offer is accepted.
Go with your contractor and ask questions about re hab costs. Soon you will learn how to ball park repair estimates when you are wholesaling and not doing the work your self if you want to go that route. The more you look at, the better you get at it.
We actually offer "Turnkey" wholesale properties. We include our written estimates and the contractor to do the work if that is what our buyer wants. We have hard money lenders ready to qualify and lend to our buyers if they need it.
Remember, wholesaling, assigning, fix/flip strategies are totally dependent on accurate ARV (what the house will sell for quickly) and accurate rehab estimates. So you are heading in the right direction learning how to get ACCURATE rehab/repair costs!

Michael Mangham
MD Home Acquisitions LLC

Michael right on that is the best way.

Thank You for sharing, I am going to check it out.

e-bunny (Mary)

go to RSMeans.com they have a free quick estimator calculator; you can also buy their cost data manuals or online cost data books; these data books are used by contractors to estimate bids for projects. They are updated every year. They are not cheap though.

Valerie

Michael thanks for your comments. I was thinking spreadsheets to be the other option instead of using software programs for estimating rehab costs. My husband is a contractor and will be able to estimate the labor for most of the improvements. I am looking for costs such as light fixtures, waterheaters, bathroom fixtures ect...
I am thinking there maybe some software out there that will have the prices for this stuff and it will save me some time getting all the data together and creating a spreadsheet.
Any spreadsheets that anyone out there is willing to share, that would be some what universal to any state or specific to the state of Minnesota would be appreciated.
Thanks!

Great Info (as always) Michael....THANK YOU for sharing! When Michael shares, PAY ATTENTION, LEARN and APPLY! (TAKE ACTION!!!)

Many people, especially the "younger" thinks the computer is the answer to all of of their problems, but its really the cause of many of problems if we dont verify the information. Like the website Zillow which is garbage in garbage out. It is easy but it is soooo inaccurate in most cases. Dont be lazy, get off your toush and check out the property in your area with your contractor and get the real world numbers. Might take a little time and effort, but you will know it is correct.

You guys are spot on. Always remember "Free has no value" so those free websites like Zillow are mostly inaccurate, No Value. There is no substitue for actually looking at the property.

I know of an investor named Pete Young and in his course he has a booklet that you can walk through with while your in the house...it tells cost for materials and labor for the job.

I dont own the course, I have see the presentation and the examples of whats included.

Just thought Id throw that out there as some where to maybe look.

I created a spreadsheet in excel and named all of the items that I would need for each room through the house...then went to home depot and filled in all the prices and took it back home and typed in all the prices and printed it so it was nice and neat....spent about 6 hours total on it but it has everything from the roof to the basement and then misc items page like siding, gutters, caulk, liquid nails, tack strips etc

hope that helps.

That's a great idea but you still have to WALK through the house. Nothing replaces actually seeing the property then you know what you're getting. Thanks Bernard

The other thing is that a book that gives you a price is only good for the area that the person who wrote. Materials and labor rates vary from state to state.

I am currently working on getting a spread sheet together with pricing. I am going to Home Depot with my camara taking a photo of the item and price. Then putting in on an excel spreadsheet. I am trying to organize the information so it is easy to calculate the cost as I am walking through the property. Any ideas?
I am so thankful for all of the information on this web site! I have used many ideas from this web site already!

Hi Kat...It would really help me so much to have your rehab sheets.

Thanks in advance