Looking For R.E Rehab Cost Estimator Software
Hi, I was looking for software that helps you estimate single family rehab cost. I heard homevestors has pretty good cost estimator software for their franchisee. Any suggestions would be greatly appreciated.
Thanks
Microsoft Excel.
I used a notepad and the calculator in my cell phone to estimate. Then I used my receipts and a real calculator when I was done.
Pretty close except for the unforeseens.
www.OpenOffice.org
Quote:
On 2006-04-19 10:07, The-Rehabinator wrote:
Microsoft Excel.
Timberline
or
Exactimate
Nice Quote ,
Thanks !
Any other comments on what offer to make, and what u think the condition might be.
What is the listing pice? Have you been in the house lately? Figure out the repairs, then I think you will have a better idea of what to offer.
By the way, I have run into the same situation here, with houses being taken back by the bank and listed, but no sign. Made offers on a couple.
Call me sometime, we can probably work together on some deals here. 850-264-2385
Nate
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Nateham 06,
I have not been in the house lately, but I am going to get an agent friend of mine to take me in so I can check it out since it has been sitting empty so long.
Will post back on the condition when I go in and check.
Have your number, and will give u a call to discuss mabe doing some deals.
Are u a member of the Cinti. Reia group.
Yes I am a member. Give me a shout sometime.
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Yes I am a member. Give me a shout sometime.
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Nateham6 ,
Will do .
I am trying to figure what kind of deal I want to try to attempt. I have done a few rehabs before, never a short sale or subject to.[ Edited by rbjj on Date 03/01/2006 ]
Thanks grexley for that good reply.
No they have not lowered the price yet. It seems to just be sitting there with no For Sale Sign and no activity.
I called the Listing Realtor and have heard nothing back from him. Think I will call a realtor friend of mine to take me in to see it. I wanted to talk to the listing realtor to get his feel on the condition , but since I can never get him I will do it my way ( through my friend ).
Is the house a single story or a two story? The biggest thing that i have found here in Michigan for a property that has sat vacant thru the winter is the pipes freezing. Since the people moved out so quickly I would bet that it did not get winterized properly in time. A plumber can do an air test to determine if there is any breaks. If I buy a property that has been vacant over the winter months, I automatically calculate the cost to have the plumbing replaced. I just do not like to take that chance. Two stories (if they have an upstairs bathroom) will cost more because you will have some drywall repairs, where a ranch is fairly in-expensive since almost everything can be accessed from the basement.
Ron
If you still have contact with the previous owner, ask how much they owned on the property when it was foreclosed.
If you make that number your offer, you stand a good chance of acceptance if you are persistant. While you only ask what would be a good starting number to offer, that number may not be the best purchase price for the property.
What do you want to do with the property? If you want to make it a rental, what can you afford to have invested in this property and still generate a positive cash flow?
If you want to fix and flip the property, your profit and the rehab costs will dictate your maximum offer price..
If you want to wholesale flip the property for a small "assignment fee", you need to know comps adn probable repair costs first.
My two cents is never offer more than 70% of the ARV of the house. You get wayyy too close to the numbers and your profit if something should pop up. Always throw some Murphy numbers in there just in case. Also, since I live in Cincy also, how sure are you about the location of the house in regards to a l/o? Do you think it would have good activity? Did you have your realtor friend pull comps for you? If so, what was the Days on Market before they sold? That would at least give you an indication of interests in the houses around the area.
If the house has been sitting there that long, I would offer 60% and start from there. I also think you need to talk to other lenders. I have a couple good lenders you could contact if you are interested. Of course, the other idea is to partner up with someone who has good credit to use that and give them some of the profits...some is better than none.
Just my two cents, drop me a line if you would like some broker numbers.
Best,
_________________
Christian Beebe "The Solutions Kid"[ Edited by SolutionsKid on Date 04/19/2006 ]
How much have similar properties sold for?
The selling price of a duplex is determined by the sold price of comparables. You need to get an appraisal or a comparative market analysis.
If you wanted to go the cash flow routine, then a quick rule of thume is 100x the monthly rent - $75,000.
But duplexes in my area are going for much more than the 100x monthly rent. You need to look at comps.
Brenda-
How do you obtain a comparative market analysis w/o a realtor?
In most FL counties, solds are on the Property Appriasers web site. There is also RealQuest. You can ask a realtor to email you solds for an area or neighborhood. You can ask an appraiser for a pencil appraisal.
Thanks Brenda!