How to Estimate Repair Costs on Your Flips

This is something that stumps a lot of new house flippers.

How do you accurately estimate repairs BEFORE getting a house under contract?

Getting the repair cost wrong is the fastest way to lose money on a deal.

The last thing you want is extra expenses piling up that you weren’t expecting.

Here are a few tips to keep you from getting in over your head…

In this episode, Tyler Jensen and I are breaking down how to calculate repairs on your next flip before you sign the contract.

We’re digging into things like…

  • The 3 things you have to control for…
  • Why the first walkthrough is so important…
  • Some big issues to look for…
  • Why you should review comps FIRST…
  • How to price out materials…
  • Some “back of the envelope” math to estimate labor costs…
  • How to get access to one of Tyler’s budgets…

…and more.

Listen in now!

Links and Resources

If you’re an experienced real estate investor and you’re ready to get around a community of active house flippers and wholesalers who will support you, hold you accountable, and push you to set goals that inspire you as you grow your business, check out 7 Figure Altitude and see if it looks like a good fit. If it is, I invite you to fill out a quick application to join. If you have any questions, reach out!

– CLICK HERE: 7FigureAltitude.com

Want to learn how to find private money to fund your real estate investing deals? Check out the 30 Days to $500k Challenge. It’s a 30-day “course” where I break down the step-by-step process I’ve used to raise $10,000,000+ over the past few years. But it’s not just information… I’ve laid out specific action steps you’ll take EACH DAY to start raising all the private money you need to grow your real estate investing business. Hit the link below to jump in now…

– CLICK HERE: 500kChallenge.com

Follow the 7-Day Flip series on YouTube! Can Tyler Jensen and his team flip 4 houses in 7 days? (Start to finish, full renovations?) Subscribe to the 7 Figure Flipping YouTube channel and watch the whole series!

– CLICK HERE: Subscribe on YouTube!

Want to get into multifamily investing? I’m partnering with Jason and Pili Yarusi to bring you our first-ever multifamily real estate investing event, Multifamily Live. It’s happening June10-12 and it’s completely virtual. We’re going to walk you through how to find high-profit, cash-flow-ready multifamily properties off-market and how to run lightning-fast syndications to fund multi-million-dollar deals instantly without using your own capital or bank loans. Anyone can do this… and the upsides on these deals are huge. Spots at the event are limited. Hit the link below to sign up!

– CLICK HERE: Multifamily Live Event

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Want to continue your house flipping / wholesaling journey? Here are a few more resources to check out…

Subscribe: Join the 7 Figure Flipping email list to get the latest house flipping and wholesaling secrets, plus insider access to real estate investing tips, training, and more! Click Here: https://7figureflipping.com/subscribe

7 Figure Flipping Podcast: Subscribe and get more episodes like this one delivered to you every week! Click Here: https://7figureflipping.com/listen

Facebook Group: We’ve built a community of serious investors who are learning and growing their businesses together. Join the Group on Facebook: https://www.facebook.com/groups/fliphacking/

7FigureFlipping.com: Learn more about who we are, our mentoring groups, upcoming events, and the causes we support at our website. Plus, grab some free downloads and other materials to help you on your real estate investing journey! Click Here: https://7figureflipping.com/

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