OfflineCan anyone share what formula to use on repair estimates? Is there an "average" you put for things like new roof, painting, carpet, etc.. I know hiring an inspector would be the ideal thing to do, but I do not have the immediate funds to hire someone on each property to tell me what repairs need to be done, etc.. Thanks!
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Holly
about this too. I'm in the same situation where funds are not there to pay upfront for a contractor or inspector to walk through the property and give me a repair estimate. Any help in this area would be awsome.
Thanks all.
First, you don't have to pay a contractor to get an estimate. You might have to start by calling a few and ask for estimates, for instance, on a new roof. It depends on the size of the roof, it depends on how old it is and if they need to replace plywood underneath. It might be as low as $6K or could be up to $20K. Flat roofs are more I found out when I had to re-do my own.
When I first started I just priced everything I could think of and started keeping a list. Go to Home Depot and pick out a cheap carpet with pad and installation included and write down how much per square foot.
Price the cheapest toilet and a decent vanity. Of course you don't know what size will fit until you have the property.
Paint could be $1.00 to $1.50 a S.F. and more if there are more colors.
Where I live in Arizona, Air Conditioners are very important. I know where I can get one for $3500 (which is a great price) and they go up to $5000.
Inspectors are great for finding out what's wrong with a property before you purchase, but they won't usually give you all sorts of estimates. They might be knowledgeable, but if you are there for hours while they do the inspection, they probably won't answer 20 questions about how much it will cost.
Hope this gets you started.
There are some really good nuggets you just gave mbjoseph. I never thought of going to Home Depot and pricing out the stuff with installation so you get a twofer in one place.
Thank you.