Minnesota Real Estate Investors Association, Inc.

Menu

Estimating Repairs

6
Comments

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.



Tags


Web Design Manchester10/30/2011

info@websitedesignmanchester.org.ukgreat post

Spanish Holiday Villa8/25/2011

submissions@azaharproperties.comHi A interesting article that made great reading. Keep them coming, very enjoyable. Adios Sue

Wholesale money5/18/2010

fastpizzamilpitas@yahoo.comAwesome writeup ,this is the infomation i've been searching for I enjoy your writing style I will be coming back for further reviews, Well done

Jamison Folino4/30/2010

Lieurance@hotmail.comI wanted to thank you for this fantastic examine!! I absolutely enjoyed every single minor little bit of it. I have you bookmarked your website to check out the new stuff you post.

central new jersey landscaping4/29/2010

Hanr239932@gmail.comThe hardest decisions to make are when that unthinkable thing happens and one of your friends die Cremation Urns are a popular choice to help remember those who have passedOne of the first choices you will make depends on who it is for if that someone was into sports, was a veteran, played music, etc there is a Urn for almost every person. Some of most common materials Cremation Urns are made of are Copper Urns, Crystal Urns, Cultured Marble, .

David Miller4/25/2009

info1@mnhservices.comGreat video, Mike... this was very helpful. Great tips on how to speed up the estimate for rehabs and rentals! Thanks.


Comments