Dallas-Fort Worth Real Estate Investor Club

rehab costs

  • 12 Mar 2013 7:59 AM
    Message # 1240491
    I know experience is the most accurate estimating cost system, but nobody has done everything recently.   I noticed a great difference (up and down from mine) on some of the costs presented in property analysis projections here.  What estimating systems do other real estate investors here use?

    For many years I used an inexpensive program called "National Estimator".  It worked very well but was barely more than a manual price list.

    Now I use Xactimate which works great but is expensive.

    Does anyone here wish to share how they project their repair budgets?
  • 13 Mar 2013 5:55 AM
    Reply # 1241408 on 1240491
    Cindy Carriger (Administrator)
    How detailed are you wanting to get with your rehab estimate.  Ive not heard of either of the products you describe. High level, just take in to consideration about 15 items in 'chunks'.  More detailed, I have mostly relied on previous rehab jobs to estimate & or, what I know particular contractors use for their bids...or, for more specialty items, price those by the prospective sub contractor that i might have do the job. (i.e. carpet, flooring, granite?, window replace, painter, foundation, electrical & Plumbing issues if they are very large.)  I imagine this is not what you are looking for - but that's how I do it.  I usually dont bring in trades until I feel good about the deal after running my estimated (guestimated) numbers, and I feel the seller will be on board with my offer.  I never want to run my subs or contractors ragged.

    there's my method, for whatever that is worth! LOL

  • 13 Mar 2013 8:59 AM
    Reply # 1241496 on 1240491
    Thanks,  That was exactly what I was looking for. Xactimate is a program Insurance adjusters and restoration contractors use.  In the end, estimating is more of an art than a science.
  • 13 Mar 2013 2:34 PM
    Reply # 1241934 on 1240491
    Deleted user
    Hello my name is Kerry Parker a G\C we do a lot of rehabs and I have built a pricing matrix for one the companies we do work for. It varies from company to company depending on areas of work. Did that because of the cost in estimating programs and of course xactimate for any insurance damage claims. Will help any way i can 214-620-3003 
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