The Pro Desk at Home Depot and Lowes will also give you pricing/sqft for different work on a list of all kinds of work. From demo to flooring, paint, decking, drywall, etc....
ouch! and THIS is why more of us have started to charge for our bids. us contractors aren't rich, we survive off honest and long relationships. if we're just being shopped to the extreme and then picked apart with line items then its pretty obvious you don't care about us and our families that live off that money. asking us to line item everything isn't just unfair (who cares what each item is if the TOTAL bid is good), and, it takes away any security cushions we have in the bid. our company honors our bids. if plumbing cost $2,000 extra then I hope I overbid my paint to compensate and that's how I feed my kids each month. if you beat me up about my paint number then you took that cushion from me Im now working the weekend to try to make up for it. I appreciate the video and have read your book. but we've got to start looking at the contractor/investor relationship like a family partnership. if we all net profits then we all grow together. this is also where pre-meeting screenings are great, over the phone. to get it all out in the open what everyone is looking for. this is where the contractors would feel thankful for being notified about the large group being called in the quote, and you guys can determine if you have a good chemistry together. I also STRONGLY believe in the concept of YOU having your own pricing. Once you reach a particular size like yourself, us contractors are happy to come in and just have you tell us what your pay rates are for each project. If you want to save money, THIS is the best way to keep your contractors really happy. Why? Because we just get a phonecall from you saying this is what you need done, and this is what the payout is. We don't even have to write anything up. I get to stay working, see my kids tonight, and know that I've got another job on the books and THAT is worth the discount you'll be asking for. I'll come back time and time again. And if I don't like your price on a particular item then I can negotiate that with you or not take the job. But I honestly believe that the biggest savings will come from keeping us off the computers and letting us see our families.
Flip side of that I usually get multiple bids on anything big and I have had some pretty extreme variations contractor to contractor to the tune of tens of thousands of dollars. Just because you are an honest contractor does not mean everyone is.
Really appreciate your point of view on this. You sound like an honest dude and contractor. Unfortunately not everyone is so I typically get bids for jobs the first and second time. After that I know the guys I like working with and price points I want to stay within. So I just stick with the same guys after that and don’t do a bunch of rebidding of projects.
@@SeeItSoCal You dont. Ask the contractor how much they charge for a walk through. Then ask 3 more. That will give you an idea of how much they charge.
@@SeeItSoCal We have our clients send us photos and give us a list of what they want done and we offer some ballparks starting figures... Saying "it won't cost any less than XYZ" our fees start at $300 and can go up as high as $1,500 depending on how detailed a report the contractor is looking for and how many projects are on the list...
Thanks for the information. I'm currently learning how to get started in wholesaling and this video is very helpful with regards to how to do an estimate. Now my question is, when talk about the square footage method estimate and you give the cost amount for light, medium, and heavy rehab, are the cost in USD or CAD? I currently live in Canada. Again this Information is very helpful. And I will for sure be watching your other videos.
Pay that contractor a fee for his time. Most contractors if they are any good will be slammed. Having three contractors show up to bid on same job will not work. How many times can you do that before those trades realize you are just getting estimates thus they won’t return your calls or text.
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The part I'm still missing is figuring out the idea of how much it'll cost before the purchase .. Are you bringing multiple contractors to the property before purchasing? I dont understand how that works
Usually in your contract you have a due diligence period. Lets say 10 day due diligence. In that 10 day due diligence period you get contractors and an inspection. Contractors give you bids and inspector gives you a report of any code violations or areas of concern. Once you have that info, you know what your reno budget will be and you can decide to move forward to close, negotiate a price reduction, or if all else fails, terminate the contract and get your earnest money back. Hope that helps
@@greggold2 Okay that makes sense. I see a lot of listings that say "inspection for informational purposes only" ... Does that mean they dont want a due diligence period and there is no backing out?
@@NickDePanfilis it just means, they are selling as is. Whatever you find during the inspection will be your responsibility. The seller will not address any repairs.
so in Japan were i want to invest they really don't like old. so they like to scrap and build new at 30 years. I am looking to BRRRR but do you think it will work as well?
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When he refers to per s.f is he referring to the entire square footage of the house or is he referring to only the square footage where the actual repairs are to take place?
I absolutely do not understand the pro tip. What do you mean by get other newbie investors to all invest $100 to come look at my property. Why would someone invest $100 to have a contractor look at someone else’s property?
Also i feel like if u bring a couple contractors they gonna give u a better bid cause they want to get the job and know theres 2 other guys gonna bid on it so they cant think they can just charge u up
Nope... I see two other guys, I'm going to shake your hand and tell you to have a nice afternoon. I'm leaving because obviously, you don't value what my team and I bring to the table. You clearly want the best estimated price. You don't care about what the final price will be or what the experience will be like between here and there... Or whether you'll have to hunt those guys down to find out why they haven't worked on your flip in two weeks ... It's because they found another job that is paying them more and you are now second fiddle
@@CopeBUILT fair enough but getting a second opinion you cant be mad at. Im not saying set it up as a bidding war at all I’m just saying as a first timer in real estate they’re less likely to try to hit u with a ridiculous estimate because they can tell you’re new
@@CopeBUILT also probably wouldnt set it up as a 3 contractors coming all at the same time for that reason alone right there lol. Ill let you know that im getting a second opinion but just because i wanted to have another set of eyes to see as much as possible that needs fixing. I see what you’re saying though 100% and you got a valid point thats why i think it would be wierd to have 3 contractors all show up at once
@@dman378 damn everybody right at my neck😂 what i was saying was more like a someone seeing a new investor thats brand new doesnt know much and thinking they could just up charge and try to rip them off is really what i was trying to say lol
So 1) hire a contractor 2) multiply square footage by $5 to $25 depending on whether it's cosmetic, moderate or major rehab and 3) list each item to do and track down its cost. About 17 minutes spent for about three minutes of information. I like the BiggerPockets site but these waste-of-time videos do not help its reputation. Get to the point and get out. Who has time to screw around with these yabber-jabbers?
Build a relationship with one contractor and pour energy into that relationship. Reputable contractors won't allow you to string them along more than once... If you want the best price, and crappy results, go find a Chuck in a truck
I was wondering if any contractors would do that. It seems like a ridiculous amount of time to put together a line item bid. How do you propose a newbie investor find/approach a contractor to get quality results at a fair price?
yeah, and I wouldn't trust a quote from someone who wouldn't give line item pricing. Sorry for losing your number and never considering you for any project
Jaime... I only work for customers who trust me & my team... And my experience has been that those prospects who don't trust me and want a line item quote are often incredibly difficult to please clients who really aren't worth my time... And there's more and more contractors have that experience, clients like you describe, have a much more difficult time finding someone who's willing to work for them... We have become very good at recognizing red flags to indicate when someone's going to be a difficult client... Which allows us to weed them out early in the process and focus our time on those who truly appreciate the services we provide.
@@CopeBUILT maybe you are fortunate enough to be busy solely from repeat clients, but how do you expect someone working with you for the first time to trust you? That to me would mean: transparency in pricing materials & labor, and coming through on-time and on-budget. Without having worked with a contractor before, the first thing you have to go off of is the bid. If a new (to me) contractor can't be bothered to stand behind their pricing to itemize it, that's a red flag. When you've worked with a contractor before, the trust has started to be earned and an itemized quote isn't as necessary for further projects.
Jaime... It's all about reputation... Nearly 200 Five Star reviews... And full transparency of how we complete projects with photo journals & video tours... Less than 10% of my clients in a year, are repeat...
I’m sure he’s a nice guy, but this is one of the most disappointing UA-cam videos I’ve ever seen the title is here’s three ways to estimate. Rehab cost in the primary source is a go find a contractor. Gosh never thought of that one what is super revelation?
The Pro Desk at Home Depot and Lowes will also give you pricing/sqft for different work on a list of all kinds of work. From demo to flooring, paint, decking, drywall, etc....
Wow, thank you sharing this!
For free?
How are there referrals quality wise?
The pro tip about a contractor answering questions was amazing.
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These are the videos that keep me subscribed. REAL concrete how to's.
One Lowe’s/Home Depot hack is to go at store opening on Monday. Any contractor you meet there at that time are motivated
Contractor sticking to the budget 🤣🤣
ouch! and THIS is why more of us have started to charge for our bids. us contractors aren't rich, we survive off honest and long relationships. if we're just being shopped to the extreme and then picked apart with line items then its pretty obvious you don't care about us and our families that live off that money. asking us to line item everything isn't just unfair (who cares what each item is if the TOTAL bid is good), and, it takes away any security cushions we have in the bid. our company honors our bids. if plumbing cost $2,000 extra then I hope I overbid my paint to compensate and that's how I feed my kids each month. if you beat me up about my paint number then you took that cushion from me Im now working the weekend to try to make up for it. I appreciate the video and have read your book. but we've got to start looking at the contractor/investor relationship like a family partnership. if we all net profits then we all grow together.
this is also where pre-meeting screenings are great, over the phone. to get it all out in the open what everyone is looking for. this is where the contractors would feel thankful for being notified about the large group being called in the quote, and you guys can determine if you have a good chemistry together.
I also STRONGLY believe in the concept of YOU having your own pricing. Once you reach a particular size like yourself, us contractors are happy to come in and just have you tell us what your pay rates are for each project. If you want to save money, THIS is the best way to keep your contractors really happy. Why? Because we just get a phonecall from you saying this is what you need done, and this is what the payout is. We don't even have to write anything up. I get to stay working, see my kids tonight, and know that I've got another job on the books and THAT is worth the discount you'll be asking for. I'll come back time and time again. And if I don't like your price on a particular item then I can negotiate that with you or not take the job. But I honestly believe that the biggest savings will come from keeping us off the computers and letting us see our families.
Flip side of that I usually get multiple bids on anything big and I have had some pretty extreme variations contractor to contractor to the tune of tens of thousands of dollars. Just because you are an honest contractor does not mean everyone is.
Really appreciate your point of view on this. You sound like an honest dude and contractor. Unfortunately not everyone is so I typically get bids for jobs the first and second time. After that I know the guys I like working with and price points I want to stay within. So I just stick with the same guys after that and don’t do a bunch of rebidding of projects.
Delete the background music
DELETE THE BACKGROUND MUSIC
always delete background noise
TURN UP THE BACKGROUND MUSIC LOL
Synthwave is great background music.
Just delete your comment.
Even easier... Pay your contractor a proposal fee to pay for their time to write up and quote your scope of work
He said that.
How do you know how much to propose?
@@SeeItSoCal You dont. Ask the contractor how much they charge for a walk through. Then ask 3 more. That will give you an idea of how much they charge.
@@SeeItSoCal We have our clients send us photos and give us a list of what they want done and we offer some ballparks starting figures... Saying "it won't cost any less than XYZ" our fees start at $300 and can go up as high as $1,500 depending on how detailed a report the contractor is looking for and how many projects are on the list...
@@CopeBUILT
So do inspectors find everything thats wrong first??
Thanks for the information. I'm currently learning how to get started in wholesaling and this video is very helpful with regards to how to do an estimate. Now my question is, when talk about the square footage method estimate and you give the cost amount for light, medium, and heavy rehab, are the cost in USD or CAD? I currently live in Canada.
Again this Information is very helpful. And I will for sure be watching your other videos.
Pay that contractor a fee for his time. Most contractors if they are any good will be slammed. Having three contractors show up to bid on same job will not work. How many times can you do that before those trades realize you are just getting estimates thus they won’t return your calls or text.
Looking forward to the ARV episode !!
I learned so much! :) thanks a lot my friend! :)
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The part I'm still missing is figuring out the idea of how much it'll cost before the purchase .. Are you bringing multiple contractors to the property before purchasing? I dont understand how that works
Usually in your contract you have a due diligence period. Lets say 10 day due diligence. In that 10 day due diligence period you get contractors and an inspection. Contractors give you bids and inspector gives you a report of any code violations or areas of concern. Once you have that info, you know what your reno budget will be and you can decide to move forward to close, negotiate a price reduction, or if all else fails, terminate the contract and get your earnest money back.
Hope that helps
@@greggold2 Okay that makes sense. I see a lot of listings that say "inspection for informational purposes only" ... Does that mean they dont want a due diligence period and there is no backing out?
@@NickDePanfilis it just means, they are selling as is. Whatever you find during the inspection will be your responsibility. The seller will not address any repairs.
@@greggold2 Okay, but you still have that window to back out if you so decide without penalty
@@NickDePanfilis yes sir
Here in the Bay Area we start @ $50 per sqft and can go up to $200 per sqft
so in Japan were i want to invest they really don't like old. so they like to scrap and build new at 30 years. I am looking to BRRRR but do you think it will work as well?
**if you have any ideas you want me to talk about feel free to chat me immediately for more enlightenment ~~ 🇼 :🇭 :@🇹 :🇸 :🇦 :🇵 :🇵 •••🇲 🇪 • 💬•••+1️⃣2⃣1⃣3⃣6️⃣0️⃣8️⃣9️⃣5️⃣5️⃣4️⃣##
Risky asf
Thanks for the info man!
Shoutout Colorado! I’m looking to buy a rental property with my va loan!
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Such an awesome video! Loved it. Do the estimates for a book written last year still apply?
When he refers to per s.f is he referring to the entire square footage of the house or is he referring to only the square footage where the actual repairs are to take place?
Wont bringing 2 -3 contractors be awkward to do?
The epic music in the background got me hype af though 😈🤣
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Thank you!
Fantastic video!!!!
Dude why would my ip be blocked I wanna buy your book !!!! 💔
That square footage calculator is Way low on a serious remodel...
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That's the price it SHOULD be. Not the pricing it is.
Thank you so much!
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I absolutely do not understand the pro tip. What do you mean by get other newbie investors to all invest $100 to come look at my property. Why would someone invest $100 to have a contractor look at someone else’s property?
Also i feel like if u bring a couple contractors they gonna give u a better bid cause they want to get the job and know theres 2 other guys gonna bid on it so they cant think they can just charge u up
Nope... I see two other guys, I'm going to shake your hand and tell you to have a nice afternoon. I'm leaving because obviously, you don't value what my team and I bring to the table. You clearly want the best estimated price. You don't care about what the final price will be or what the experience will be like between here and there... Or whether you'll have to hunt those guys down to find out why they haven't worked on your flip in two weeks ... It's because they found another job that is paying them more and you are now second fiddle
@@CopeBUILT fair enough but getting a second opinion you cant be mad at. Im not saying set it up as a bidding war at all I’m just saying as a first timer in real estate they’re less likely to try to hit u with a ridiculous estimate because they can tell you’re new
@@CopeBUILT also probably wouldnt set it up as a 3 contractors coming all at the same time for that reason alone right there lol. Ill let you know that im getting a second opinion but just because i wanted to have another set of eyes to see as much as possible that needs fixing. I see what you’re saying though 100% and you got a valid point thats why i think it would be wierd to have 3 contractors all show up at once
That might work in a 2009-2011 type environment.
@@dman378 damn everybody right at my neck😂 what i was saying was more like a someone seeing a new investor thats brand new doesnt know much and thinking they could just up charge and try to rip them off is really what i was trying to say lol
I’ll save the viewer 16 minutes with one word. Outsource.
good luck at showing up to a property with more than 1 contractor haha
So 1) hire a contractor 2) multiply square footage by $5 to $25 depending on whether it's cosmetic, moderate or major rehab and 3) list each item to do and track down its cost. About 17 minutes spent for about three minutes of information. I like the BiggerPockets site but these waste-of-time videos do not help its reputation. Get to the point and get out. Who has time to screw around with these yabber-jabbers?
Are y'all saying they'll do it for free
Build a relationship with one contractor and pour energy into that relationship. Reputable contractors won't allow you to string them along more than once... If you want the best price, and crappy results, go find a Chuck in a truck
@@colbydee6828So Chester county pa
He busted out J Scott's book haha
Why’d he throw tallinasty in there so randomly lmaoo
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Too much rambling. Too much music.
You’re a freakin genius bro…can I get this app for free
💪
Yeah... We don't break out line item pricing... Sorry for your luck.
I was wondering if any contractors would do that. It seems like a ridiculous amount of time to put together a line item bid. How do you propose a newbie investor find/approach a contractor to get quality results at a fair price?
yeah, and I wouldn't trust a quote from someone who wouldn't give line item pricing. Sorry for losing your number and never considering you for any project
Jaime... I only work for customers who trust me & my team... And my experience has been that those prospects who don't trust me and want a line item quote are often incredibly difficult to please clients who really aren't worth my time...
And there's more and more contractors have that experience, clients like you describe, have a much more difficult time finding someone who's willing to work for them...
We have become very good at recognizing red flags to indicate when someone's going to be a difficult client... Which allows us to weed them out early in the process and focus our time on those who truly appreciate the services we provide.
@@CopeBUILT maybe you are fortunate enough to be busy solely from repeat clients, but how do you expect someone working with you for the first time to trust you? That to me would mean: transparency in pricing materials & labor, and coming through on-time and on-budget. Without having worked with a contractor before, the first thing you have to go off of is the bid. If a new (to me) contractor can't be bothered to stand behind their pricing to itemize it, that's a red flag. When you've worked with a contractor before, the trust has started to be earned and an itemized quote isn't as necessary for further projects.
Jaime... It's all about reputation... Nearly 200 Five Star reviews... And full transparency of how we complete projects with photo journals & video tours... Less than 10% of my clients in a year, are repeat...
I’m sure he’s a nice guy, but this is one of the most disappointing UA-cam videos I’ve ever seen the title is here’s three ways to estimate. Rehab cost in the primary source is a go find a contractor. Gosh never thought of that one what is super revelation?
I am a contractor 👻 don’t waste my time
Unless you get paid to write a quote
How about being grateful for the chance to do jobs making 10x what you would in Juarez?
Knowingly wasting a contractors time, that’s the equivalent of stealing. Scumbag.
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Then charge for an estimate dummy.