I'm consistently amazed when I walk through houses with other veteran investors and at the end we come up with damn near the same exact estimate. After doing enough deals and looking through thousands of houses you get pretty good at it. Rehab pricing is all based on experience. I was wondering how all you real estate investors estimate repairs? Do you just do it based on experience? Do you think people would be interested in something like this? I think I would. Ikea has a website where you can do something similar and see what it will cost you for a kitchen. You can also get dimensions to plug in for a room from apps such as Magicplan. I know there are sites that provide the CAD programs to look at rooms and move stuff around such as Google's Sketchup: or Homestyler. So you would need to have some kind of software or website that people could play with room dimensions and then be able to scrape pricing information for materials from sites like Home Depot or Lowe's. But just talking to the buyer about it is not all that effective. Realtors might like it as well because they could show potential buyers what a house could look like after the buyer does some renovation. If there was a good way of estimating repairs on a house, I would think this would be a great internet business idea. Contractors also don't like to go to 50 houses with an investor and give 50 bids when only one of the jobs pans out. I think one of the biggest problems people run into when they get into real estate investing is underestimating the cost of repairs.
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