Become An Expert At Calculating Rehab

By - Chase
13.04.22 05:11 PM

Become An Expert At Calculating Rehab

Today I am writing to you to talk about how to become an expert at calculating rehab with your real estate investment. When buying a real estate investment, one of the most challenging parts of the process is being able to properly estimate rehab costs. Estimating rehab is always a best guess scenario, but can be a educated guess based on a couple things that I will go over with you. Real estate investment experts seem do this like magic. Novices have to arrive at a rehab number that won't leave them in the red after their rehab is completed. How do you as an investor arrive at a proper number for rehab costs? You need to first understand where potential expenses can come from to avoid a loss in your investment property. Once you arrive at this rehab number, you can create a accurate maximum allowable offer. You have to start each flix or flip and passive income acquisition with due diligence in an effort to not lose money in the your investment purchase. First, examine potential buyers and the location of the property, drive and tour the investment. Make sure to note all problems with the property, create a micro list of 25 categories, come to a conclusion of rehab costs for each category, and seek a contractor that can help you determine rehab costs. Once you are finished with due diligence then you can make a written offer and not be under water with your investment purchase. You will get better at estimating rehab costs as your grow and learn. Don't get discouraged! Sometimes things happen and this can cause your estimated rehab to be wrong. 

Overtime you'll get better at estimating rehab and you'll be more conservative with your estimates. It's always best to be conservative to a avoid losing your shirt over the real estate investment deal. Be sure to lean on us in these situations. We can help guide you and make the best decision for you. Call us today! Inquiries of a technical nature are always encouraged                                                                                                    

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