Cost estimating and putting together a budget is a critical skill to learn for flipping houses. I have known investors to go upside down on a deal because of underestimating repairs needed.
You will see that I divide the list into exterior and interior and then sort the interior repairs by room. This helps me put together the list of parts I got to buy and also helps me track the work to make sure it gets done.
On the left you'll see I specify what trade is doing what so that I know how many different people I have to call, what estimates I have to get and helps me scheduling the work.
Finally, on the right is all the pricing which I divide into labor and materials. I do this because I buy many materials so I have gotten good at knowing what something costs. For less costly items I just leave the materials column at $0 and estimate it all as labor.
Overall the type of work we are doing to this house is "cosmetic". Meaning that we are keeping all the infrastructure, the floor plan and we are not adding square footage or anything like that. I am just updating every room of the house since everything is mostly original in the house.
As you can see I am hiring a general contractor (GC) for the work so he will be doing most of the work. I will then only have to schedule just a few trades on my own. Although this costs me more, given my limited time availability I think it's worth it.
Bottom line is, based on the price I bought the house for and what I estimate I can sell it for, if I can keep the repair costs under $35,000 I'll be a happy camper.
Question: Have you found a different/better way to estimate repairs? Is my estimated pricing high or low?