From the course: Virtual Investing in Real Estate
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Determine repair estimates
From the course: Virtual Investing in Real Estate
Determine repair estimates
- [Narrator] Now I know the few neighborhoods that I like based off of the exit strategies that I have in place or that I intend to have in place. So now you've identified what areas you should be involved in so that you can go ahead and do that. Now we're going to jump into finding deals. We used to put up a low, medium and high repair estimate, so what we used to do is for low, we just picked a number, literally it was like, we picked a number like $40,000 for a low estimate, like $70,000 for a medium estimate, and then $100,000 for a high estimate. Where'd we come up with that number? Like I said, we pulled it out of thin air, right? And the reason we did that is because every single offer that we're going to place on the property is going to be contingent upon inspections, all right? So I always have a due diligence period, at least 10 days or 14 days. That's fairly customary in every single market around the…
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