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How to Figure Out Repair Cost (FAST & EASY) | Wholesale Real Estate

Published on: December 7 2022 by Zach Ginn

Are you a real estate investor looking to buy properties at wholesale prices? One of the key factors to consider is the repair cost of the property. In this article, we will show you how to figure out repair costs fast and easy, so you can make informed decisions and maximize your profits.

Sub-Heading 1: Inspect the Property

The first step in figuring out repair costs is to inspect the property thoroughly. Look for any damages or issues that need to be fixed, such as leaky pipes, cracked walls, or faulty electrical systems. Take notes and photos of everything you find.

Sub-Heading 2: Get Estimates

Once you have identified the repairs needed, it's time to get estimates from contractors. Get at least three different quotes to compare prices and make sure you are getting a fair deal. Ask for references and check their reputation before making a decision.

Sub-Heading 3: Calculate the Costs

After getting the estimates, calculate the total repair costs. Don't forget to include the cost of materials, labor, and any unforeseen expenses that may come up during the repair process. Use a spreadsheet or calculator to help you keep track of the costs.

Sub-Heading 4: Negotiate

If the repair costs are too high, you may need to negotiate with the seller or find another property. Use your repair cost calculations as a bargaining chip to get a better deal. Remember that you want to maximize your profits, so don't be afraid to walk away if the numbers don't add up.

Figuring out repair costs is an essential part of real estate investing. By following these steps, you can quickly and easily calculate the repair costs of a property and make informed decisions. Remember to inspect the property, get estimates, calculate the costs, and negotiate to get the best deal possible. Happy investing!

How to Figure Out Repair Cost (FAST & EASY) | Wholesale Real Estate

The conversation is between Zach and Jason regarding the repair amounts for real estate deals in Philadelphia.

Sub-Heading 1: Struggles with Repair Amounts

- Jason finds it difficult to come up with repair amounts for real estate deals in Philadelphia due to the age of the houses.

- He has been advised to use 100 square foot for repair amounts, but he is unsure if this is accurate.

- Jason mentions missing out on deals because he is unsure if it is a good deal based on the repair amounts.

Sub-Heading 2: Zach's Experience with Repairs

- Zach admits that even after almost five years in the business, he is not 100% accurate with repair amounts.

- He suggests grossly guessing the repair amounts and focusing on getting the property under contract and selling it to a cash buyer.

- Zach recommends using Blue Hammer on Prop Stream to calculate repair amounts.

Sub-Heading 3: Zach's Method for Deals

- Zach's focus is on getting the lowest price possible for the property and selling the contract to a cash buyer.

- He estimates the repair amounts and ARV based on what a cash buyer is willing to pay.

- Zach suggests multiplying the estimated repair amount by 81 to get a rough estimate for the property's selling price.

Zach's method may not be conventional, but it has worked for him. He suggests using Blue Hammer on Prop Stream to calculate repair amounts and focusing on getting the property under contract and selling it to a cash buyer. Experience in the business is essential, but even then, it is difficult to be 100% accurate with repair amounts. The focus should be on making deals that work and bring in profit.

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