OfflineI wanted to gain some insight, from those more experienced, on what may be the best tool(s) for calculating repair costs when you are running the numbers for a deal. This is mainly for those like myself who are stepping into this business as deal matchers(wholesalers). I think this can be the most difficult factor because calculationg arv/comps is pretty black and white so to speak. I would think that one would need to be well versed in current material costs; labor expenses etc. etc.
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Amaan H.
1st let me say that your most accurate numbers are always going to come from a contractor. As you start building your power team, that is a member you want to make sure you add.
The other idea is to make a list of those things that may need to be repaired, then go to a home improvement store and get a price for these things. You can then use that as a reference for your other properties. You should only need to do this one time. This method is not property specific. You can walk through your home making note of walls, counters, flooring, lights, faucets etc. The thing to remember is not to get carried away when pricing out material. You’re not looking for your home, so don’t price the most expensive.
Hope that helps.
The other idea is to make a list of those things that may need to be repaired, then go to a home improvement store and get a price for these things. You can then use that as a reference for your other properties. You should only need to do this one time. This method is not property specific. You can walk through your home making note of walls, counters, flooring, lights, faucets etc. The thing to remember is not to get carried away when pricing out material. You’re not looking for your home, so don’t price the most expensive.
Hope that helps.
Im going to add to what you said...
When you go to lowes/home depot, etc... Price not the most expensive stuff but not the cheap stuff either... you need to find out what sells the house in your market and thats where usually good contractors/agents and other team members come into play. Like Granite counter tops (usually priced per sq. ft.), Hard wood floors, tile, Neutral colored carpet, Neutral color paint, maybe new doors and windows, Foundation block, Concrete, plumbing materials, electrical materials, etc...
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Provides manhours for each job, recommended crew size, and the labor cost for the removal and installation work.
Thanks CLARSEN
Amaan H.