Realty411 Magazine Featuring Lee Arnold from Cogo Capital | Page 61
REHABBING
A Rehab Repair Estimator
By Gary Massari and Bruce Kellogg
I
ntroduction To Real
Estate Matters
This is an initial article
in a new series called, “Gary’s
Real Estate Matters” from
Gary Massari, CEO of
REI Fortunes and Bruce Kellogg,
Real Estate Consultant. In this
article you will learn the
importance of estimating repair
and renovation improvements and
how you can benefit financially!
Use With Contractors
When working with contractors,
you can
save
money
several
ways;
first, buy
your own
materials
and only
hire the
contractor
for labor.
This will
save you
20% on
materials
that
contractor
s mark up.
Secondly,
if you are
a veteran,
Home Depot will give you a 10%
discount. If not, then find a friend
who is a veteran to make your
material purchases for you.
We are going to show you a
template we use so you can see
how it works, especially with
contractors and subcontractors for
each area of rehab. It is important
for the bidding to be uniform so
that careful comparisons among
bids can be made. If a bidder
departs from the estimator, there
must be discussion to reconcile any
differences. Otherwise, you are
comparing apples and oranges, as
the saying goes.
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Building Your Own Estimator
There are a lot of cost estimators
you can get for free by searching
Google, but designing your own to
meet your specific needs is far
better and more accurate.
When designing your estimator
using an Excel spreadsheet, there
are four summary parts you want to
include to the estimator:
1.
Exterior
2.
Interior
3.
Mechanics
4.
Other
Exterior will look something
like this…
.