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  #1  
Old 09-15-2011, 03:40 PM
BJ BJ is offline
 
Join Date: Jan 2002
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Default Repair Costs

Is there a free website that is useful for estimating repair costs? It would be beneficial for a new client that has started to give me REO work. And if no such thing exists, how do you guys estimate repair costs? Thanks in advance.
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Old 09-15-2011, 04:04 PM
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Marshall & Swift publish a paperback on Repair/Remodeling costs.

.
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Old 09-15-2011, 04:20 PM
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Call the local broker that handles all the REOs and get contact info for his or her subs or the P&P contractors in the area and ask them for some assistance.
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Old 09-15-2011, 04:38 PM
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Here's some freebie links

http://www.homeinspectorlocator.com/...sttorepair.htm

Here's a better one...

http://www.craftsmennetwork.com/calculators-start.html
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  #5  
Old 09-15-2011, 06:24 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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The Craftsman books and the R S Means books work well as estimators and are cheaper than Dodge M & S. I find the best version is the "Renovation & Insurance Repair Estimator" - take time to really study it and you can create an estimate pretty easy. You need to estimate the quantities however so measure as needed...

I print to paperport and the resize and paste into the report
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Last edited by Terrel L. Shields : 02-11-2012 at 10:30 AM.
  #6  
Old 09-15-2011, 07:32 PM
vanguard vanguard is offline
 
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RS Means has some helpfull books. Dig through their website for residential cost info. They have residential interior and exterior cost guides that are not too expensive. They also have a residential repair and remodeling cost guide as well as a square foot cost guide that is similar to Marshall & Swift. Bluebook Int'l has a cost guide that is used by insurance companies to estimate repairs. They also have some appraiser resources as well as residential estimating software. Craftsman books are a great resource. Links are listed below

http://rsmeans.reedconstructiondata.com/

http://www.bnibooks.com/index.asp

http://www.bluebook.net/products/cost-guide/

http://www.craftsman-book.com/

Last edited by vanguard : 09-15-2011 at 07:37 PM. Reason: correction
  #7  
Old 09-15-2011, 07:47 PM
Denis DeSaix Denis DeSaix is offline
 
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AppraiserBase (Bluebook) has an on-line subscription service: RepairBase. I've used it for several times for investor-rehab appraisals. I like it.
  #8  
Old 09-15-2011, 07:56 PM
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Develop a relationship with the flip investors that you find active in your market. Ask not just about cost ranges for various types of work but about their marketing, financing, profit, buy-sell, strategies and et cetera.

That, in addition to several of the sources as cited in this thread will, over time, give you a good handle on cost ranges.
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  #9  
Old 09-15-2011, 08:26 PM
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Quote:
Originally Posted by Calvin the Airedale View Post
Develop a relationship with the flip investors that you find active in your market. Ask not just about cost ranges for various types of work but about their marketing, financing, profit, buy-sell, strategies and et cetera.

That, in addition to several of the sources as cited in this thread will, over time, give you a good handle on cost ranges.

It will also give great data to develop a "profit" margin based upon capital outlay, improvement costs, costs of sales, when compared against the selling price.

Great data if you can get it ... better than you will find in any book but cannot be replicated by a reviewer.

Use of both published and private data would be very prudent in development of a credible appraisal report.
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