BiggerPockets Daily 118 - The Simple 6-Step Process for Estimating Rehab Costs by Brandon Turner
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Feb 9, 2021 Discover a streamlined six-step process for estimating rehab costs in real estate. The discussion covers common challenges investors face and the importance of accurate assessments for budgeting. Learn how thorough property assessments empower effective decision-making and strategic planning, ensuring successful renovations. This insight is crucial for navigating the complexities of real estate investments.
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Understanding Buyer and Neighborhood
- Understand your target buyer and the neighborhood before calculating rehab costs.
- Research the desired finish level and align renovations with the area's standards to maximize returns.
Thorough Property Inspection
- Thoroughly tour the property and document its condition with photos or videos.
- Look for significant issues like roof damage, foundation cracks, mold, HVAC problems, and termites.
Detailed Repair List
- Create a detailed list of needed repairs room by room, including size estimates.
- Note exterior issues like roof condition, siding, and outbuildings to define the scope of work.