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A handy book to consider is RS Means Residential construction cost data. The book can give you insight into how much labor might be involved. I generally prefer to do like Will and run to Home Depot or Lowes and figure out my material costs. In time you have a good idea of what the average kitchen or bath might cost to fully build out.
how the appraisal porcess going.?
To find a great property it requires two things: accurate ARV and precise ERC. When learning to estimate ERC correctly I was thinking the best way to go about it is to find active rehabbers at REI clubs, see if you can tag along to a Nike Air Force Khaki
Rehabbers, I know J Scott like these deals and for awhile I did them and realized it was not worth my time, I even had the construction company to proft from.
few of their properties if you get to know them.
I answered this very same question in another thread. Here is a copy of my answer:
Learning to Estimate Repair Costs Accurately
This is actually the exact same process I use. My numbers are slightly different obviously because we live in different parts of the country but the process is the same. I segment the house into Kitchen/Bath(s)/Paint/Flooring/Mechanicals/Roof/Misc. etc.
My advice to the OP is to start getting comfortable estimating project costs by eating the elephant one area at a time. For example, spend a day doing nothing but pricing out costs to do a complete bathroom gut/rehab, then move on from there to maybe the kitchen or roofing or whatever. It takes a while but you will find you can get a fairly accurate estimate of rehab costs relatively quickly by attaching a specific dollar amount to the common things you do in a rehab. Your suggestion on how to go about this makes complete sense and was like an "aha" moment after reading. Appreciate you showing how to keep it simple (by taking the time and learning your facts). Thanks also for the spreadsheet I going to download it when I on my PC tomorrow.
will give you a baseline labor rate to hold your contractor accountable. I used the Craftsman costs to determine typical labor rates for the 100 most common tasks we do on rehabs. I highly recommend the book "FLIP" as it identifies those tasks for you and also provides an excellent workflow chart to keep the process as efficient as possible. Of course, you have to add a contingency because no project is going to go perfectly as planned.
dad and I use to spend time at the lumber yards like kids in a candy store. If you are going to rehab residential (or commercial) properties and you don know the cost of pre hung doors, vasement windows, cove molding, sheet rock and screws and can use a tape measure you have no business rehabbing!
I learned by doing. I done nearly everything you can think of when it comes to a home. I at a stage that I don Nike Air Force 1 Womens Suede want to do much of the work any more, but I now know what is involved. Many of the items you do quite a bit so you get quite familiar with how much material and time would be involved. Other items you might want a contractor to give you an estimate.
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I can sit at a desk and "estimate" to get true costs you need to know what the plan is and know what material and labor costs will be. It not rocket science, it takes effort and time.
Any Harry homeowner can call a contractor and get estimates.
Once you know what the common costs are for each area for a specific size home, you can see how easy it will become to walk in and walk out 15 minutes later with a rehab figure in your head.
Estimating costs seems such a crock as "investors" think they are going to go in a house, and get estimates from someone else. That means you are paying a contractor instead of knowing what the heck you business is all about. If you can;t be the general on any rehab, my advice is not to rehab.
If you are rehabbing as a business and keeping multiple projects going, I found it pays to have a good contractor you can count on. I also learned the lowest bidder usually costs you money in the long run. So, I prefer to know my costs for each rehab task and have a quality contractor that can execute them within that budget. There just no way I could meet with 3 different contractors for each project. You can purchase the Craftsman cost book, which provides the amount of time/labor any task should take. For example, it tells you how long it should take to hang a ceiling fan, install a bathtub, etc. This Nike Air Force 1 White High
Get out to Home Depot/Lowes and start pricing out material costs for all items of possible repair on a rehab. You will need a list prepeared so that you can fill in the costs for your area. I uploaded to BP mine for all to use. Go here:Simply fill in the costs after spending a great deal of time reseraching prices at the box stores. They also have install prices (although they are much higher than you can get by hiring outside of Lowes/HD). Then go to as many REO properties as you can and practice your skill set.
Or call around and find general contractors/ contractors familiar with working with investors. See if they would allow you to visit properties they are working on, perhaps in exchange for future business if your wholesaling or even just offering them lunch. I actually wrote a book on estimating repairs on a house, but never put it out to the public. The best thing to do is to get 3 estimates on every deal and compare. You need to keep the neighborhood in mind when figuring the cost. You will not figure the same level of rehab of something in the burbs as you would something in the ghetto. There is a program out there that is 100 bucks per month called exactimate that is used in insurance restoration. You can use that, but cut the cost in half. good luck!!
For instance, I know that a full gut and remodel including new toilet, new vanity, mirror, sink, glass door enclosure, stone/tile on shower walls, etc will run me $2500 per bathroom. So if I walk into a REO deal with 2 baths, I simply add into my head $5k for the 2 bathrooms and move on to the next section. i also know it costs me around $5k to paint in and out a 1500 sq. ft home. I have these basic figures locked in my head so when I identify sections in each home needing repair, it is simply to calculate in my head.
Here is some more info that should help you:Once you know what the common costs are for each area for a specific size home, you can see how easy it will become to walk in and walk out 15 minutes later with a rehab figure in your head.
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