Rehab Cost Estimating, HELP NEEDED

Laura Johnson is the flip queen, and she is also my ICG girl. You might try sending a PM to her or cbrpower. Hope it helps...Jan

Thanks Jan, I do appreciate you input...and what did you mean by "my ICG girl"

Jason would you come back and let us know what you learn please? I'm learning this right now with my contractor/friend. But would love to hear what Laura prescribes too.

Thanks,

Blessings,
Barbara

I have a repair estimate worksheet. The president of our local REI chapter did an estimating repairs webinar. He based everything on an approx 1300 sq ft rambler. any one know how I can post it as a file on here? In the meantime here is how it breaks down.
Roof=5k larger/higher pitch obviously more.
Windows=count them and multiply by 300. Cost per including installation.
Paint Exterior=$2.00 x sq ft of house
Paint Interior=1.30 per sq ft
Carpet/flooring=2.50 per sq ft whether you carpet or refish. Does not include tile or fancy stuff.
Kitchen=cabinet 2500 for 10 linear feet add 500 for appliances.
Baths=2500-3000 per bath. closer to 3k if jacuzzi tub
Electrical. 2500 to upgrade panel
central heat/air = 3500 for furnace/1500 for a/c
Plumbing=hard to determine Average 2500
foundation/basement=look for mold cracks or obvious $500
Garage= gen condition $500
steps/decks=general condition $2000
Dumpster/clean up $1000 per 30 yd dumpster. Includes paying people to demo
Other=

Then you add everything up and multiply by 25% that is your whoops! factor. It would include miscellaneous things like outlet covers, switches, little stuff.

Remember I am in MN this may not be suitable for other parts of the country. The numbers are for having the work done, not doing it yourself.

Hope this helped.

Cathy

Thanks Cathy.
That helps.

I was trying to figure out how you could upload your file but I don't see that option when posting. Anyone?

Barbara

Go to Homedepot or Lowe's and find out what the cost of materials are for a cheap rehab and middleclass. That will get determine by the area. Go there and find out how much sinks, tubs,toilet etc. and keep note of how much material is gonna cost in a home that is for a lower incme family and a home from an upper income. When you go in to do an estimation of a home factor that in to cost and repairs. I have to learn that also. I still has not done my first deal yet. I'm struggling with this why because even thou they say you don't need any money to start you still have to advertise. I'm trying to work out a deal right now the guy is hesitant in working with me, because he works for a property management company and he feels he could sell it himself. The property been on the market for about a year and he is now willing to take a discount. Anyway I hope this help.

It means inner circle girl. Because I have been on this site for almost 2 years, i have developed relationships with many of the seasoned investors.
Just an inside thing!!!...Jan

I like your check list, I was just visiting home depot and lowes and founding out the material cost and for labor I pay by brother $100/day and he does pretty much everything for me.

What types of things do you need to repair? Somethings are a need to basis and some things add crub appeal. If you gave me some ideas of what you need pricing on I could help. That is actually my specialty. As others have said home depot and lowes gives you a good idea of materials, but you can do your research online and save some time.

When estimating repairs it is not a good idea to estimate with a cheaper labor price. Alot of times the cheap labor comes with inexperience and causes more problems. More problems usally result in more time and more money. That is one area to watch. Another way to get a good idea of costs is to get a couple estimates for the repair from liscensed contractors, you dont have to have them do the work, but you can use there estimate to get a good idea. Sometimes they will give you measurements and other information that might be helpful too.

This is very helpful and covers most of the things that would be needed to be done to a property. I just want to say that and tell you thanks for the infomation as I believe it will help greatly.

PRices change from area to area quite a bit. I have bid jobs in several states. If this is all new to you check with your local rehab contractors. Tell them what you are doing. Just let them know that you are working on investing in your area and you need some set prices that they can give you to help get you started. tell them you just trying not to leave to much money on the table. When you go to Lowe's or home depot tell them what your doing, and that you want to see their contractors grade or package. They will know what your talking about. If I can be any further assistance just pm me. Hope this helps a little.

Randy

I've found it to be helpful to call a couple local contractors who offer free estimates.

another thought is buying an estimator book called MEANS ESTIMATOR it is a estimating book for a contractor or investor to ESTIMATE costs in many states individually and regions are seperated. they give you costs per sq ft and linear ft and for example shingles per sq ft or flooring per sq ft in many dif material such as carpet.....hard wood,....vynle etc.
i think if you check it out u will find it to be a very good GUIDE.

nothing will be exact for you except doing due dilligence and or getting a item by item estimate from a contractor!
good luck jason if u need something looked up pm me i have a book

is so hard to find

But when you have one or more, keep them honest and working and they'll drop jobs to work with you

If you're starting out, get as many estimates as you can. Never be afraid to bargain but not to the point where they just walk away becase its very hard for them to come back to you if they know they're always going to be nickel and dimed

Like someone also said ask at your local hardware store(s) and at Home Depot or Lowe's and go with the median of what they suggest when speaking with a contractor(s) you may work with

Good luck and keep asking on here when you have questions

Wouldnt also cost a lot less, if I were to demo some stuff myself. Also would it be better if I get a general contractor to take care of my electricity or get an electrician

To start with if you plan to do any work yourself you have to get a permit, which you will have to show that you have workman's comp, and liability insurance. Even for demo you need to get a demolition permit.

Next thing is the contractor experienced in electrical, and that requires a permit and final inspection to get a C of O certificate. And in some cities you must be a licenced electrician to even do the work.

The best thing to do is find a good contractor to work with and let him handle everything, make sure you are both on the same page as to what you need him to take care of for you.

Nationwide, towns and conties are clamping down on illegal contractors and renovations, because in addition to when they catch them, make them tear down any new work and then fining them, they get more money from when the additions are re-done from the added taxes they charge for the additions.

Do it right the first time, and save yourself alot of money and headache

Elix The cheap way is the wright way, The wrong way you pay twice.

Lets just say I just purchased my house, its all mine, you mean to tell me I have to get a permit to knock out some sheetrock in my house? WOW

I checked out your web site James, nice stuff

Smaller stuff you can get away with

Here is what I use below. Works great. Hope this helps everyone. Also gives you access to a free real estate website for your deals.

http://www.realestatepromo.com/cmd.aspx?af=1292675

Ddebrobander,

That is an excellent link. Thank you for the information.

Richard LaCelle
Bothell, WA

You can put the tape measure to every room (WxL=Sq. Footage), and you can purchase a book called teh "RS Means 2011 Contractor's Pricing Guide" at your local Lowe's or Home Depot. This will let you figure, down to the penny, what the repairs will cost. You have to get your measurements accurate...but I found that the buyer I am working with likes the detail and likes knowing EXACT costs for everything. It will set you apart from the competition and will help you with learning cost estimation. The first one is usually the hardest...after that, you know what the cost is per product, area and style.

Hope that helps as well...

the rehab offer caculator? I came across it a few weeks ago, have played around with the trial version but haven't had occasion to actually use it yet. Looks promising.

http://www.rehaboffercalculator.com/