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.
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?