How to Estimate Repairs in 15 Minutes When Flipping Houses
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- Опубліковано 26 сер 2015
- In this video, learn how to estimate repairs on any deal in 15 minutes or less when flipping houses.
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Great tips on not being emotionally connected to a deal and having a system for everything. Too many flippers guess at repair costs and wind up in trouble.
Staying analytical is key, I like that tip.
thanks once again, Jerry. you are a flipping genius. i would have been better off trading 4 years of college for learning from you. your videos are top notch for brevity, clarity, and consistency of quality info. keep it up Jerry. God bless you.
Great Info.
great video. thanks for sharing knowledge.
l like your approach. I use a laser pointer to measure rooms, etc. How do you estimate roof repairs?
Hey @Jerry Norton do have a color scheme that you always use in your rehabs or do you change it up on each rehab?
I believe in a scientific approach, too! However, I believe everything can be streamlined, to make the process more effective and efficient. Therefore, I am suggesting the following approach:
QUICK ESTIMATE
1. Wholetailing - - - - -$5 per Square Feet
2. Rehab - - - - - - - - --$15 per Square Feet
3. Replacing Rehab - -$25 per Square Feet
4. Structural Changes-$40 per Square Feet
Thanks Jerry! Great info. While taking advantage of your 10 day contingency on a site unseen, how do you find the right people at a "cheap" price to go evaluate your property? And then trusting it is not a true lemon, not living in the area?
Thank you for sharing so much valuable information as always! much appreciated. I could not find the free training link in how to estimate the repairs in 15 minutes or less. Any chance I can get that training?
Can you provide the checklist you use, please?
FREE Rehab Estimator Tool:
flippingmastery.com/reyt/
Its not Free, its $97 a month
could you do one where you estimate and then compare it to the actual end costs?
Thanks mate, we're doing a flip in San Antonio at the moment.
Hey I'm starting out in san Antonio too..mind meeting up..
@@secret12352 hey I’m actually educating myself and trying to start here in San Antonio as well, is there any tips that y’all could give me for starting? Have y’all made any deals? I’m really interested in knowing every single step in the process of closing deals.
Most of these flippers use the same contractors over and over again. They put the same material in certain properties, example 100-300K, 301-600K, 601-900K so forth. By doing it this way they know the cost of material and they include a buffer for surprises. They are investment properties! They don't start using the best of the best until after $900K.
+Sandra Marshall good point! I definitely rinse and repeat when something is working.
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Can we have the checklist please?
jerry, lets say Im analyzing a property for wholesaling as a fixNflip, then I run the regular fixNflip formula, using the ARV, estimating repairs according to your table, and that brings me a number for MAO, and I always offer 5-6K below. What if I instead want to flip it to a buyNhold investor, then you said the repairs dont have to be as much as you would for a fixNflip, but how do I estimate that repair. Also, its a property that hasnt been used as a rental yet, so there arent any rents that would help me figure out what the ARV should be, so should I just run the same fixNflip formula with a lesser amount for repairs. For example, a house that is being sold for 140K, might actaully have an MAO of 115K after running the fxNflip formula, but if Im trying to flip it to a buyNhold, then shouldnt the buy price be closer to the asking price?
Please provide the checklist that you spoke about.
FREE Rehab Estimator Tool:
flippingmastery.com/reyt/
I have secranio was wondering if you can help me ....say a person by a house from a person they receive a loan how does the seller of the house receive the money ( to me a loan is free money or borrowed ) so does that money go into the seller bank account or is that still floating money ?
When the seller is carrying the loan, the money you pay in is his money. The seller does not give you money, he gives you credit, and your monthly payments on the loan are his to keep.
I thought it was going to be how much different items cost (like maybe a new roof costs $10,000 or something) and/or how to determine what does and does not need to be repaired. This was good stuff, but not exactly what I was looking for.
But what about the inside
There is no way you are walking through a home that needs substantial repairs and you can do all the estimating in 15 minutes or less sure you might be able to look at a roof wall siding and windows and spit out some numbers but there is no way you are able to price your material accurately price your man-hours accurately and spit out her number in 15 minutes I don't care what formular you're using I don't care what system you're selling it doesn't exist you show up to a house that needs a TFT of wood gutters you mean to tell me that without sitting down and putting together a stock list you can price out the led the linseed oil how many outlets you're going to need how many downspouts you're going to need trash disposal setting up staging man hours beautiful I love to hear this
toe butter No way in hell you can estimate rehabilitation cost in 15 min.
Aud Man exactly so why do these people even bother making vids like this. That's my point exactly.
Handy Husband, the expert has the least amount of decisions to make. After flipping 100 or so houses one gets faster and more accurate - but your point is valid.
Did he say estimate? Did he say with complete accuracy? They estimate weather and many other things. That is what you should think before blaming. It will take me less than 15 minutes. Example a 1000 square feet house can not cost nor more than $ 40 a square to fix it if it not completely down. If blocks are still there and there is a roof on top.. NO matter what you need to do inside from AC, to kitchen, tiles, painting, electrical etc
Nice video man! Keep up the good work! I’ve filmed some videos on tips to flip homes check it out sometime! Thanks!
If you are a pro flipper how do you have time to try and make money on UA-cam. And it's Linear not lineal feet since Lineal refers to a line of ancestry, not to length.
Just numbers you can do it. You you. People hgtv and channels like this are not the reality of house flipping. It's not for the weak at all. Start very small and get a good team first. Otherwise start a UA-cam channel to make money instead like captain America