Almost all of the properties that wholesalers will be "put under the agreement" will require some degree of repair work. These repairs can range from some new carpets and paint for a complete "gut job" where you have to restore the entire house inside and out!
is, unfortunately, and wholesalers must be able to calculate the dollar amount of the withdrawal. We must be able to join this critical "Rehab Value" in our wholesale Formula Spread Sheets. The spreadsheet says if a wholesaler is the real deal on his plate or not!
For more on how to calculate your spreadsheet numbers some other time! But for now, just know that it is the dollar amount of rehab is a critical variable when figuring out how to offer on the property you're looking for!
So, if you know absolutely nothing about the assessment of repairs to the rehab project, it could be a problem for you. So here's what I suggest you do if your new job. CALL contractor to help you calculate the cost of REHAB! Then, open your ears and your eyes and pay attention to what the contractor says the project at hand.
Evaluation of the repair is not rocket science. It only takes a little practice to get it right! I suggest that new investors should be walking by as many distressed properties as they can with a notepad, tape measure, and an open mind! I can teach anyone in 30 days or less, how to calculate the numbers of rehab and have excellent repair ballpark numbers on just about any project.
I've put together some sheets generic cost of the project that will help you put 90% or more of the repair is together for you. Simply plug my numbers in your Rehab Value spreadsheet and you will be more than on the road until they reach the full cost of the project is that you will need. In my e-book wholesaling smarts "I did this project cost estimates included list.
You may have to pay a contractor a few bucks for the first few estimates, but it does anyway! I think that is the price of education? Although the contractor for his business, you should run your own numbers using a cost estimate list in my e-books. Then, after the contractor gave her the numbers, compare them with yours to see how you worked on the project total. Be patient, it will take some practice, but anyone can learn how to evaluate a pro! After a while, you'll never have to call the contractor again, I promise!
must have the exact value of the rehab cost for inclusion in your spreadsheet on a great job, do you estimate the repair or the contractor is for you. It is evil necessity that all wholesalers have to contend with, if you want to be successful wholesalers!
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