Repair costs and offer formulas - Posted by John H

Posted by Bob in Indy on January 22, 2000 at 11:43:38:

My sons and I took Ron LeGrands Wholesale/Retail Bootcamp about a year ago. We spend time going to 6-8 homes that needed repairs and then after each home, we regrouped on our bus and compared notes. Within a few hours of doing this as a group, nearly everyone could estimate the cost of repairs within a few hundred dollars in a matter of minutes. Really!! In the beginning we all spent way too much time on insignificant details. We also were presented with a simple formula to convert our estimates into an After Repair Value, and a Maximum allowable offer. Ron sells this material in a workbook and in a 2-3 day bootcamp. You’d be surprised at how fast you can estimate the repair costs. Bathrooms, kitchens, carpeting, painting, roofs, etc. take virtually no time at all.

Repair costs and offer formulas - Posted by John H

Posted by John H on January 21, 2000 at 13:36:44:

I took great interest in reading the chat room transcript hosted by Steve Cook in the Money Making Ideas section. Found the article to be very inspiring and thought provoking. I was hoping that someone could answer a couple questions I have about Steve Cook’s strategy.

When writing out multiple offers (10 -20 week as many as 70/week) How do you get an accurate determination of repair costs? I don’t have a staff with contractors or a handyman and don’t want to pay a proffesional to visit 10-20 houses per week.

Also, am I assuming correctly that his formulas for generating offers are dictated by his hard money lenders? Any one else out there find success in using a similiar approach to writing offers?

Thanks. This site is a tremendous resource.