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Hi Moguls, Lex Levinrad back again with another awesomely helpful real estate investing lesson for you.
I’ve got a 3-parter for you about estimating the costs to repair a property including the material and labor expenses. The repair estimate is a crucial component of the After Repair Value (ARV) Formula, which we discussed in my last 2 lessons.
We first learned why it’s so important to understand the After Repair Value (ARV), and then using the formula, we calculated how much to offer a seller for their property. Then in the follow-up lesson, we talked about questions to ask the seller, comps and the difference between cash sales and retail sales.
Go back and have a quick read of those lessons so you can jump right in to today’s lesson about estimating the cost of repairs, because a lot of the things we covered flow into the goods I’m about to share.
Today’s Part 1 will provide an overview of how to estimate repair costs by understanding the material costs as well as the labor costs. Plus, I’ll give you some solid reasons why you really don’t need a general contractor for this kind of stuff – if you follow my advice. (BTW - Part 2’s follow up will be more specific with example numbers and dollar amounts.)
We used this formula to calculate our offer price:
After Repair Value (ARV) x 65% - Repair Estimate (RE) = Maximum Offer Price
Previously, we used an example of a house that was worth $100,000 fixed up and ready to sell (ARV). We calculated that this house needed $10,000 in repairs (RE). Based on the formula, a smart investor would pay no more than $55,000 to buy the house (MOP).
Here is the math so you can see it broken down:
$100,000 (ARV) X 65% = $65,000 – $10,000 in repairs (RE) = $55,000 Maximum Offer Price (MOP)
So utilizing the above formula, if you know what the house would be worth once it is fixed up (ARV), then all you need to know is how much it will cost to fix up and repair the house (RE), and you can plug in that number to calculate your maximum offer price (MOP).
Unfortunately, this is what trips up many new investors…
But that’s not going to happen to you! Because you are a smart Mogul and well, you’re reading this helpful lesson.
Repairs are one of those things that’s actually not as complicated as it seems. You don’t have to be a general contractor (GC) or even know one to calculate repairs.
In fact, if the first thing you do when trying to figure out the cost of repairs is pick up the phone and call a general contractor – then that, friends, is your huge mistake.
Because general contractors charge retail prices. They have to make a healthy profit. And they have a huge layer of expenses to cover in order to make that profit.
Consider this before calling a contractor… if you’re bidding for properties online, once you find out that you are the winning bidder, you will either have to put up your deposit or lose the deal. You won’t have a lot of time - at most 48 hours. You will need to get to the property, inspect it, figure out your ARV and repairs and make a decision on whether you are moving forward with the property or not.
Another reason why calling a general contractor won’t work is because in many cases, if you’re meeting a desperate seller, you will have to estimate on the spot what it would cost to fix the property if you plan to make an offer. You won’t have time to call your contractor and get an estimate.
So, you will be faced with the same issue – lack of time. If you’re meeting a desperate seller, your goal should be to meet the homeowner and get them to sign a contract to sell you their house. Once you have an executed contract and the house is “under contract,” then you can then wholesale this property or you can buy it yourself and fix it and flip it or rent it.
If you’re going to rehab houses for a living or wholesale and flip houses to investors who rehab houses for a living, you must have an understanding of basic material and labor costs so you can quickly estimate those costs on the spot when you meet the homeowner or, if the property is vacant, when you inspect the property.
Also, keep in mind that renovating a $500,000 house is substantially different to renovating a $50,000 house. The higher the price of the home, the higher quality your labor and materials will need to be. Buyers of high-priced homes are very meticulous. Tenants in lower-priced income properties are not as much.
I want you to know that estimating repairs gets easier the more houses you look at and the more times you do it. So, use the info below, and then get out there and practice.
Let’s look at an example property… we’ll estimate prices on renovating a starter home, which could be a first-time home-buyer type of home or a rental property at the lower price points of your target market city.
So we will be talking about basic material and labor costs. In order to estimate costs, you need to break down the costs into two major components:
The key thing to understand is that you need to separate the material cost from the labor cost. You’ll land on what the materials cost, and then you’ll figure out how much it will cost to install those materials in the property. Then, add those two numbers and, of course, you will know the total cost.
Keep in mind that the person doing the job needs to make money. They won’t work for free. So, you’ve gotta figure out how many days or weeks it will take to complete the job, and then figure out how much money they need to make per day or per week to be satisfied.
A good question to ask your laborer is: “How long will it take you to do this job?”
Once you have the answer to that question, your next question should be: “If I purchase all of the materials, what would you charge me for labor?”
Be prepared… contractors and handymen who work on houses hate estimating jobs this way because they make way less money. But it is the key to understanding the cost. If you can figure out what a certain person needs to make per day in order to be satisfied and you know the cost of the materials, then the only variable is how long the job will take.
Once you separate the cost of the material and the cost of labor, then it becomes much easier to estimate.
Material cost is the cost of the raw material that you would need to purchase for the job:
The easiest way to learn about material costs is to simply visit a Home Depot or Lowe’s store near you. I do this with my coaching students to show them how easy it is to estimate and calculate repair costs. It does take some time, so I suggest you take a notebook and pen and give yourself a few hours to go through the store. You can also break this up into two or three trips if that’s easier for you. When you are walking through Home Depot or Lowe's it is best to go aisle by aisle.
Take note of the costs of these materials:
If you do this exercise slowly and methodically, then you will learn what the basic components of materials for each room cost. You will also see that there is a variety in pricing depending on the quality of the materials. Don’t necessarily go with the cheapest item. Even on a rental, you don’t want your place to look cheap (or perhaps, fall apart easily). But, of course, you can get decent materials without spending a fortune.
So, now you have a general idea of what’s involved in estimating repairs because you know you need to break out the costs into materials and labor. And, of course, you now understand why you really don’t need a general contractor.
Look, I can write an entire book on rehabbing and estimating costs of material and labor (I actually have done just that).
But, the purpose of this 3-part lesson is to give you a rough primer on understanding material and labor costs. A basic foundation, if you will. I cannot cover everything about repairs in one or two lessons. But I will certainly deliver the goods by giving you lots of details to get you moving in the right direction for estimating repair costs.
So, in my next lesson, we’ll do just that – we’ll talk about some of the specifics, including prices, when it comes to the particulars of home repairs. We’ll cover flooring, bedroom and bathroom repairs and the biggie – kitchens. And, I’ll discuss repairs involved when a property has been vacant.
Do you have any questions about this lesson? Ask in the comments section below and I will respond as soon as I can.
Understand that you don’t necessarily need to spend money on a general contractor because you can estimate repair costs on your own.
Know that the easiest way to begin a repair estimate is to break down the costs into materials and labor.
Is there a topic you'd like to learn more about? Request a Lesson
Lex Levinrad has been a full time real estate investor since 2003. Lex has purchased and rehabbed, wholesaled, fixed, flipped and rented more than 500 houses. Lex is an active real estate investor and wholesales 10 to 20 houses every single month. Lex also fixes and flips properties as well as manages a portfolio of many rental properties in Florida. Lex is the founder and CEO of the Distressed Real Estate Institute™, which trains new real estate investors how to buy, wholesale, fix and flip properties. Lex specializes in buying foreclosures, short sales and bank owned properties (REO’s) and has trained thousands of students from all over the world how to make money in real estate by wholesaling, fixing and flipping properties through the Distressed Real Estate Institute Training and Coaching Programs™. The Distressed Real Estate Institute offers Private Real Estate Coaching Programs, Group Mentoring Coaching Programs, Distressed Real Estate Boot Camps, Distressed Real Estate Bus Trips, Fixing and Flipping Houses Boot Camps as well as Home Study Courses, Books, Audio CD’s and DVD’s for all levels of real estate investors. Lex is a nationally recognized speaker and has shared the stage with some of the country’s biggest real estate speakers including Russ Whitney, Dr. Albert Lowry, Ron LeGrand, Than Merrill, Robert Shemin, Frank McKinney, Cameron Dunlap, Kent Clothier, Reggie Brooks, Larry Goins, and many other well-known real estate and motivational speakers. Lex has authored 7 books about investing in real estate and has been featured on Fox News Radio, ABC, CBS, Sun Sentinel, Miami Herald, The Real Deal, Mortgage Daily News, Yahoo Real Estate, Real Estate Professional Magazine, Real Estate Wealth Magazine and many other online publications websites and blogs. Lex is the host of the Distressed Real Estate Radio Show and has also been featured as a guest speaker on many other real estate radio shows including the Real Estate Radio Guys, Fox News Radio and many other radio shows. Lex is also the founder of the Distressed Real Estate Investors Association which is one of the largest real estate investment clubs in South Florida. Lex is also a licensed realtor with Charles Rutenberg Realty. For more information about Lex Levinrad and the Distressed Real Estate Institute please visit http://www.lexlevinrad.com or visit our Real Estate Club site at http://www.distressedreia.com or call our office at 561-948-2127 or 800-617-2884.
Module: Investing Strategies
Strategy: Rehabbing / Fix & Flip
Expert: Lex Levinrad
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Real Freedom Inc understands consumers’ concerns over the use of their personal information. We hope this information will relieve any concerns you may have regarding our email policies. Real Freedom Inc and its affiliated sites use only an “opt-in or opt out” method of obtaining customer information, and it is not our policy or desire to send unsolicited email. We obtain email addresses and personal information from third parties that follow the same set of policies. Real Freedom Inc email messages sent always include information about the origin of the emails and instructions on how recipients can unsubscribe from receiving future email messages.
From time to time, Real Freedom Inc will enter into an arrangement with a third party website to allow individuals to opt into our marketing program on those third party websites. In each case the third party websites have represented and warranted to us, among other things,
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© 2022Real Estate Mogul LLC
Real Estate Mogul LLC
5023 W. 120th Ave, #102
Broomfield, CO 80020
FROM PRESTON ELY - MY PERSONAL DISCLAIMER TO YOU
Hi - we do everything in our power to run a good, clean business and help people succeed.
We've been in business for nearly a decade. Our mission is simple: help 1,000,000 people live lives of greater freedom. That's what gives us juice and passion.
Unfortunately, there are people and companies who do bad things and make products that don't work at all or don't work as advertised. That behavior hurts everyone.
The bottom line is there is no such thing as magic. There is no magic unicorn that will appear on your doorstep and start pooping gold bars or giving you free money.
Just because people in this program have made lots of money doesn't mean or imply the same will happen to you. In business, and in life, there are no guarantees.
Any one of the people who we happen to feature in this program have a BIG WHY - they want to make a difference and help themselves, their families, their employees and customers succeed. They want more and they apply themselves, they get outside of their comfort zones, acquire new skills, work like crazy, make mistakes, and fail, BUT THEY DON'T GIVE UP.
They implement. They don't quit. They serve. They didn't blame someone or something else for their mistakes or failures - instead, they do the HARD WORK that it takes to make a difference.
They use our tools, systems, psychology, mindset, training, community and events to succeed.
If you're the type of person that isn't willing to roll up your sleeves, learn, explore, grow and focus on helping other people succeed, our programs aren't for you.
If you're a blamer, whiner, malcontent, or just downright lazy, our programs aren't for you.
But if the content is this program and our videos resonate with you - and you can see the possibility and potential that this can work for you, then WELCOME HOME. You're in the presence of REAL PEOPLE who are helping REAL BUSINESSES succeed, thrive and survive.
It would be both mine and my team's pleasure and honor to serve and support you so you can EARN MORE, LIVE MORE and GIVE MORE.
Preston Ely, CEO
FULL EARNINGS DISCLOSURE:
RealEstateMogul LLC. (The Company) does not guarantee income or success, and examples shown at RealEstateMogul.com do not represent an indication of future success or earnings. The Company declares all information shared is true and accurate, and any claims made of actual earnings or examples of actual results can be verified upon request.
The earnings, revenue and profit results that a customer will generally achieve in circumstances similar to those depicted in the endorsements and testimonials on this site depend on many factors and conditions, including but not limited to, work ethic, learning ability, use of the products and services, business experience, daily practices, business opportunities, business connections, market conditions, availability of financing, and local competition, to name a few. Because of impediments due to any one or more of the foregoing and other factors, it is generally expected that no earnings, revenues or profits will be achieved with the use of any products or services advertised on this site in circumstances similar to those referenced in any endorsement or testimonial.
Each of the purchasers of our products and services who have provided their endorsement or testimonial for use on this site have received a refund in the amount of the cost of the product and service in exchange for their endorsement or testimonial.