estimating repairs - Posted by Tim

Posted by Kiersten on July 24, 2001 at 13:26:50:

I suggest taking two contractors/rehab guys to the house during your inspection period and get WRITTEN estimates on all the work. We are just finishing up repair work on our first rehab home and have learned the hard way that trying to estimate yourself doesn’t work! We have spent almost double of what we thought and what a rehab acquaintance said it would cost! He said “sure, you can redo this house for 7K” and we trusted that number. When it came to getting the written figure AFTER closing, his story was not the same and we have spent close to 13K doing the work ourselves!!! NOT worth it, though we will still luckily see a profit. Find out NOW from the people you plan to pay how much it’s going to cost. Little things–trim work, door jams, outlets that were broken, minor plumbing issues, replumbing new sinks, etc.–have REALLY added up far beyond what we would call a contingency factor so really pay attention before you feel overwhelmed like we do! We’ve learned a lot but it was a hard, frustrating lesson! Good luck!

estimating repairs - Posted by Tim

Posted by Tim on July 24, 2001 at 13:04:10:

There are a couple of properties that i’m currently looking at with the hopeful intent of trying to wholesale/flip to another investor. However, at this time I still consider myself a little green when it comes to estimating repairs. There are several things that need to be done on this 1 particular house, & one of them is alot of drywall work. It’s a 1200 sq. ft. home, & the kitchen, living room, & a closet in the bedroom need drywall put up prior to painting/wallpapering. How much does it usually cost for drywall work like this to be done? Thank you all very much for your assistance with this. Have a great day everybody!

Tim

Re: estimating repairs - Posted by BillW.

Posted by BillW. on July 24, 2001 at 23:25:14:

Tim,
For drywall work on remodels, consider the following:
Do a rough measure of the floor area in the rooms to be done. Multiply by 4. Multiply this number by $1.50. This should put you in the ballpark.( Example: 10x10 ft bedroom. 100 square feet floor areax4= 400 sq. ft.
x $1.50= $550 total) This would NOT include painting, installing doors or trim or anything else, just the drywall. If the job is larger, like a whole house, the per sq. ft. rate might drop to as low as $1.00 per sq. ft. of drywall(not $1.00 per sq. ft. of house floor area). A basic drywall material package would probably cost about 30 cents per sq. ft. of drywall for all materials. Labor would be the other 70 cents. Remodels are more expensive. If you have to strip off existing drywall or plaster, it will cost even more. Also, some parts of the country are more expensive than others. Also, there is usually a minimum price involved. You didn’t say where this was located.
Good luck,
BillW.

Re: estimating repairs - Posted by Mark

Posted by Mark on July 24, 2001 at 22:24:47:

Tim;
Not knowing the square feet of the rooms, I’ll give you my best estimate:

$175 for the drywall (35 5x7 boards at $5.00 each)
$1,125 to $1,800 for the labor and other drywall material.

Get a copy of Marshall & Swift’s Cost Guide, it will help you with all of your estimates.

Mark