Mastering Repair Estimates
One struggle that real estate investors often happen is figuring out how to master repair estimates. How do you accurately figure out the cost of the repair estimates? How many repairs do you need? In this video, we will go over some tips and tricks to help you along your journey as an investor!
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1) Use the Same Contractors
If you’ve worked with a contractor before, you may already be familiar with their rates. This can help greatly with estimates.
2) Create a List of Finishes
This helps you know exactly what the finishes are going to cost, as you have used them before.
3) Use General Rules of Thumb
Don’t get too specific until you have the house under contract or have closed. Use general common prices to estimate the cost.4) Get the Ages of the Major Systems
This is a big one. Changing an entire system can add a decent amount to your estimate, so it is important to check and see if it is needed.5) Contingency
It is better to over estimate then under estimate. 15-20% contingency is a good rule for beginners.
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I buy houses in Central Florida. In Central Florida I buy houses in the Counties of Brevard County, Citrus County, Hardee County, Hernando County, Indian River County, Lake County, Marion County, Orange County, Osceola County, Polk County, Seminole County, Sumter County, and Volusia County.
In Brevard County, I buy houses in Cape Canavera, Cocoa, Cocoa Beach, Indialantic, Indian Harbour Beach, Malabar, Melbourne, Melbourne Beach, Palm Bay, Palm Shores, Rockledge, Satellite Beach, Titusville, West Melbourne. In Citrus County I buy houses in Beverly Hills, Black Diamond, Citrus Hills, Citrus Springs, Crystal River, Floral City, Hernando, Homosassa Springs, Homosassa, Inverness, Lecanto, Pine Ridge, and Sugarmill Woods. In Hardee County I buy houses in Bowling Green, Ona, Wauchul,, Sweetwater, and Zolfo Springs.
In Hardee County I buy houses in Brookridge, Brooksville, Hernando Beach, Hill ‘N Dale, Lake Lindsey, Masaryktown, Ridge Manor, Spring Hill, North Weeki Wachee, Pine Island, Ridge Manor, South Brooksville, Timber Pines, and Weeki Wachee Gardens. In Indian River County I buy houses in Fellsmere, Florida Ridge, Gifford, Indian River Shores, North Beach, Orchid, Roseland, Sebastian, Vero Beach, Vero Lake Estates, Wabasso Beach, West Vero Corridor, and Winter Beach. In Lake County I buy houses in Altoona, Astatula, Astor, Bassville Park, Clermont, Eustis, Forest Hills, Fruitland Park, Grand Island, Groveland, Howey-In-The-Hills, Lady Lake, Leesburg, Mascotte, Minneola, Montverde, Mount Dora, Mount Plymouth, Okahumpka, Paisley, Sorrento, Tavares, Umatilla, and Yalaha.
In Marion County I buy houses in Anthony, Belleview, Citra, Dunnellon, Eastlake Weir, Fort McCoy, Hog Valley, Kerr City, Marion Oaks, Ocala, Ocklawaha, Orange Springs, Pedro, Reddick, Romeo, Salt Springs, Silver Springs Shores, Summerfield, and Weirsdale. In Orange County I buy houses in Alafaya, Apopka, Bay Lake, Belle Isle, Bithlo, Christmas, Doctor Phillips, Eatonville, Edgewood, Fairway Shores, Goldenrod, Gotha, Hunter’s Creek, Lake Buena Vista, Lockhart, Maitland, Meadow Woods, Oakland, Ocoee, Orlando, Orlovista, Pine Castle, Pine Hills, Southchase, South Apopka, Taft, Tangerine, Union Park, Wedgefield,Williamsburg, Windermere, Winter Garden, Winter Park, and Zellwood.
In Osceola County I buy houses in Campbell, Celebration, Champions Gate, Deer Park, Four Corners, Harmony, Holopaw, Intercession City, Kenansville, Kissimmee, Narc oossee, Poinciana, Reunion, St. Cloud, and Yeehaw Junction. In Polk County I buy houses in Auburndale, Babson Park, Bartow, Bowling Green, Bradely Junction, Brewster, Combee Settlement, Crooked Lake Park, Crystal Lake, Cypress Gardens, Davenport, Dundee, Eagle Lake, Fort Meade, Frostproof, Fussels Corner, Gibsonia, Green Pond, Haines City, Highland Park, Highlands City, Hillcrest Heights, Indian Lake Estates, Jan Phyl Village, Inwood, Kathleen, Lake Alfred, Lake Hamilton, Lake Wales, Lakeland, Lakeland Highlands, Mulberry, Polk City, Willow Oak, Winter Haven, Wahneta, and Waverley.
In Seminole County I by houses in Altamonte Springs, Casselberry, Forest City, Geneva, Goldenrod, Heathrow, Lake Mary, Lake Monroe, Longwood, Oviedo, Sanford, Wekiva Springs, and Winter Springs. In Sumter County I buy houses Bushnell (County Seat), Center Hill, Coleman, Lake Panasoffkee, Sumterville, Oxford, The Villages, Webster, Wildwood. In Volusia County I buy houses in Daytona Beach, Daytona Beach Shores, DeLand, DeBary, De Leon Springs, Deltona, Edgewater, Lake Helen, Orange City, Ormond Beach, Ormond-By-The-Sea, Holly Hill, New Smyrna Beach, Orange City, Osteen, Pierson, Port Orange, and Seville.