Rehab Cost Estimator Software - Posted by Steph

Posted by Edwin on March 09, 2009 at 12:40:59:

Tye says: “(Note: I supply crew beverages + lunch, which not only makes them happy, but keeps them from wandering away & not coming back in the afternoon.)”

Hahahaha. I liked that.

Rehab Cost Estimator Software - Posted by Steph

Posted by Steph on March 08, 2009 at 13:42:35:

Hi,

I am looking for some help in determining rehab costs for my flips. I downloaded the trial for the Craftsman software, but it seems a bit cumbersome to use and you have to enter the labor hours and exact parts needed, which I don’t know. The software seems like it would be great for a contractor, which I am not.

Any advice?

Thanks,
Steph

Re: Rehab Cost Estimator Software - Posted by Jack-E

Posted by Jack-E on March 08, 2009 at 15:00:19:

Have you done a few rehabs? If so I doubt if you need any hardware. You should be able to do it in your head, yourself. Ron LeGrand used to say he could go in the front door of a house, walk through and go out the back and tell you what it will cost to rehab it, within a few hundred dollars. I at first did not believe him, then I started doing it and was susprised to find out he is right. Your big costs will likely be a new rood and AC/heater. Then kitchen and bath and then floors and appliances. If you know approximately what these things cost add them up and go from there. Add on 10-15% for incendentals. You will come quite close and certainly close enough for your purposes. Don’t skimp and let the flipee how you got it.

Re: Rehab Cost Estimator Software - Posted by Steph

Posted by Steph on March 09, 2009 at 07:23:16:

Thanks, Jack. I agree, after having experience, you won’t need this info. However, since I’m fairly new, I need a little help.

Any suggestions? Thanks.

Re: Rehab Cost Estimations - Posted by Jack-E

Posted by Jack-E on March 17, 2009 at 19:03:58:

If you are Tampa Steph, the estimates are:

Roof, 3/2 1500 sf - $3,500-$4,000
A/C with existing Ducts $2,000-$3,000
Kitchen Cabinets-Wood $2,000-$2,500
Laminate/Tile Floors $3,000-$3,500
Bath/New Tub/Sink/Toilet$$2,000-$2,500
These are estimates and may be more or less. Add 15% for misc. This should all include labor. This does not inclued such things as landscaping and fencing. More questions? You should be able to do a fairly extensive rehab for well under $20,000.

Re: Rehab Cost Estimator Software - Posted by Sailor

Posted by Sailor on March 09, 2009 at 07:37:18:

Steph, what you need is a materials list you can take to Lowe’s or Home Depot & bids for labor. The only real secret to estimating your co$t is to absolutely know what needs to be fixed, & we all get surprised when walls & floors get opened. Even though I have a great crew, I almost always get a home inspection (pays for itself in negotiation), & then still allow for the unexpected. (Note: I supply crew beverages + lunch, which not only makes them happy, but keeps them from wandering away & not coming back in the afternoon.)

Tye