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The Book on Estimating Rehab Costs: The Investor's Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All Costs (Fix-and-Flip, 2) Paperback – January 17, 2019
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From the Publisher
BiggerPockets.com is a complete resource for anyone looking to succeed in real estate investing. We offer free content, tools, and a community of more than 2 million members to help people make the best investing decisions possible.
The BiggerPockets mission is simple: We want to transform the way the world invests. Our goal is to educate people in all aspects of real estate investing and to provide each individual with the resources and support they need to find their own success.
BiggerPockets Publishing offers a growing catalog of books to support that same mission. Fan favorites from The Book on Rental Property Investing to Set for Life are comprehensive guides that make investing an attainable goal for every person.
We’ve published thirty books (and counting), a bi-monthly magazine, and a ninety-day goal journal. Together, all of our titles have sold more than two million copies worldwide and have earned more than 40,000 positive reviews on Amazon and Audible.
From the Back Cover
ENTIRELY REVISED AND UPDATED!
Over 40,000 first edition copies sold.
How much does it really cost to renovate your investment property?
Learn detailed tips, tricks, and tactics to accurately budget nearly any house flipping project and investment property renovation from expert real estate investor and fix-and-flipper J Scott. Discover the tried-and-tested steps of his professional framework and methodology for precisely evaluating renovation costs in hundreds of his own successful rehab projects. Determine how to accurately estimate all the costs you are likely to face during renovation--and get all of your rehab questions answered in a single place!
Whether you are preparing to walk through your very first rehab project or you're an experienced home flipper, this handbook will be your guide to identifying renovation projects, creating a scope of work, and staying on budget to ensure a timely profit!
Inside, you will learn how to:
-Inspect every aspect of a property to create your renovation scope
-Decide which upgrade options provide the biggest bang for your buck
-Identify the 150+ most common renovations you'll likely encounter
-See big problems (like mold and termites!) and quickly fix them
-Assign accurate prices to every rehab task to build a detailed budget
-Determine which contractors are best for certain repairs or projects
-Break down the top 25 basic components of a renovation
-And so much more!
You don't need to be a contractor to flip houses, but you do need to know the fundamentals of budgeting and pricing your renovation--including everything from cosmetic renovations to complex installations and upgrades. This book gives you the estimation tools needed to produce the income you desire on your first--or next--investment deal!
About the Author
- Publisher : BiggerPockets; 2nd edition (January 17, 2019)
- Language : English
- Paperback : 205 pages
- ISBN-10 : 1947200127
- ISBN-13 : 978-1947200128
- Item Weight : 10.4 ounces
- Dimensions : 6 x 0.5 x 9 inches
- Best Sellers Rank: #5,555 in Books (See Top 100 in Books)
- Customer Reviews:
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Top reviews from the United States
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First, if you are a contractor (which I am part-time) or someone who has dabbled in rehab work on a few houses and has a little experience (which I also have), the useful content in this book could be about 20 pages long. The author spends the first few pages of the book talking about making a plan for rehab, which includes a SOW (scope of work). This got me excited, picturing walking around with a clipboard, really getting down and dirty about what needs to be fixed and to what extent; making quick rule-of-thumb estimates. The problem is, he never really discusses exactly how to make the plan, just that you should have one. Duh? The other frustration for anyone with handy know-how is that the majority (100+ pages) of the book describes, sometimes in inaccurate gory detail, each component or job you might encounter. For example, the author claims that the most popular gutters for houses are aluminum, when it is actually seamless steel. He also repeatedly uses terms like "linear" feet for measurements, when it is actually "lineal." The other major frustration here is that for the really big stuff that can derail a rehab project, like concrete and foundation issues, he repeats a phrase several times and in several different contexts that, "there is simply not enough room in this book" to spend time talking about it. I was thinking, if you spent less time explaining, ad nauseam, what things like vinyl siding and asphalt shingles are, you would have enough room to talk about the really important stuff that could turn a deal south in a hurry.
This book is much better suited for non-contractor, not-so-handy folks looking to get into real estate investing by doing rehabs. Here's the problem, while these individuals may find the material and job descriptions I found boring and useless to be very helpful, that is only one part of the equation. Why people really buy this book is to determine rehab costs and the book falls short in this category, as well. For example, for almost every rehab item, the author provides a range of pricing that's something like "$500-2000." That is simply not helpful because there is no context applied to the range. Anyone could do this. "How much money would you like to make next year?" "Oh, between $1 million and $1 billion." Seriously? Only a moron doesn't know that labor and materials are going to cost way more in Los Angeles, for example, than in Laramie, Wyoming. With this author's alleged experience, a pricing index in the form of a map of the US divided up into zones or regions would have been much more helpful. Provide the reader with an average cost and then let them use the index to determine markup or markdown for their area. An updated index is something the author could charge for on a website and earn additional revenue. Sadly, this would require actual work and research on the author's part, which is what many of these books lack.
Finally, when I read Luke Weber's excellent book, "The Flipping Blueprint" (recommended), he gets into detail on what to fix/rehab and why based on comps, price range, neighborhood, etc. For example, when you walk into an older home and determine that none of the electrical is grounded, when do you choose to rewire the house? Obviously, code plays a role, but the rate of diminishing returns does too. When do you go with granite vs. laminate countertops? I imagined from the hype and description of this book that it would be the holy grail for that type of information, taking Weber's discussions to the next level. There is virtually none of that here.
Some people might find this book helpful if they have little to no experience with materials and labor. For the rest, I would save your money.
For each component of 25 different types of work on a house, the author details the nature of the work and the statement of work line items that each type generates. Then he breaks out a discussion of "Cost Guidelines," "Determining Your Local Prices, " and "How To Pay for the Job." For an example of the intense level of detail given, in the "gutters/ soffit/ fascia" category, he breaks out $ estimates for cleaning gutters, replacing gutters, and replacing soffit or fascia, giving his reader costs per linear foot estimates for each type of gutter or soffit material- aluminum, steel, vinyl/ plastic, and copper/zinc, as appropriate. For cleaning gutters, he tells us the costs will depend on linear feet of gutters, the height and steepness of the roof, and whether downspouts need to be detached to be cleaned. If we know generally these three things, we should be able to get accurate, local head to head price bids. He goes on to warn NOT to use uninsured gutter cleaners because it can be a dangerous job, and that we are most likely to get the best pricing bundled with the roofing or siding contractors, if we are doing that kind of work on the house. He also comments that since this is a one day job (as opposed to one justifying a draw or a materials upfront payment) the contractor should be paid only once the job is completed. To a person experienced in housing construction, this all may be 'old hat,' but to a person new to home rehab, it is extremely valuable!
This book pulls every aspect of repair cost estimation into manageable chunks so that none is overlooked or unaddressed in a detailed scope of work or budget. It addresses a very complex topic in the most thorough, detailed, and practical manner possible. Alerts to local costs (e.g., union labor in NY/NJ, building code variability by climate/weather circumstances) and seasonality are all over the place. This is a great book- highly recommended!
Top reviews from other countries
Some things could be improved, i will add this for the author for the next version : for example separating houses from appartments (book mostly covers houses). I’m thinking that buying in a big building also has its particularlies about what you can and cannot do. Both considerations would be useful. Would have been great to have metric conversions and euro conversions also. Maybe next release !
In all cases you can buy the book with closed eyes it’s packed with learnings that will save you money.