Author Topic: Getting the numbers for rehab work  (Read 340 times)

jeromedawg

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Getting the numbers for rehab work
« on: March 15, 2017, 11:30:32 AM »
Hey all,

Was just curious, when doing analysis on a potential property, and especially one that needs rehab/improvements/repair, how do you generally come up with the numbers? Do you call several contractors, give them the property address/details/pictures/listing info, and then ask them for ballpark estimates? Or do you just kind of "guess" off the top of your heads? I can see how the latter would make sense if you've done this sort of thing already, but if you're new and haven't had much experience, do you do the former? Or something else?

justchecking

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Re: Getting the numbers for rehab work
« Reply #1 on: March 15, 2017, 06:14:16 PM »
We are going through this right now.  We ballparked it when it came to making an initial offer and then at the inspection had a contractor who we were comfortable with take a quick peek and give us an estimate.  I think this is best because then you know before you make your last negotiation what you have in the bank and what you can afford to spend.

justchecking

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Re: Getting the numbers for rehab work
« Reply #2 on: March 15, 2017, 06:15:51 PM »
Sorry also meant to say that we feel good with one quote because you are just getting an idea here.  We tried to go a middle of the road contractor and got numbers on everything that needs to be done so that we can shave money off if we have the time to reno ourselves.