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How to estimate repairs quickly so you can make fast offers. Estimating repairs is a skill that all investors must master in order to make more offers. Some investors have mastered it to where they don't even need to see the house, they can do it virtually. While I'm not there yet, I'd like to show you how I've cut the time down to about 5 mins walking through the house to get a ball park figure of how much it'll take to renovate an entire house. Knowing repair costs allow you to determine what your maximum offer will be on the house.
In this video I show you my step by step process of estimating construction repairs on any house. Yes, there will be some deviation depending on location and size, but generally speaking this works for houses up to 1600sf in size. We must take into consideration roofing, windows, siding, plumbing, kitchen, bathrooms and all in between because we don't want to miss a thing. The numbers can get big real quick in real estate so it's best to have a good grasp on how much your renovation will cost whether you're buying to flip, or wholesaling it off to another investor. You must know your numbers in order to make an educated offer.
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