How To Determine Repair Costs For House Flips Like A Pro

Danny Johnson / 25 comments

So many people struggle with knowing what the repairs a house will need should cost. This is a very important topic because if you don’t estimate your repair costs accurately, you could end up losing thousands or even tens of thousands of dollars on your flip.

Don’t do that.

I think we’d all agree it’s more important to spend the time upfront learning how to estimate repair costs. How exactly do you do that though?

This video covers just how to do accurately determine what repairs should cost for a flip. This is a must-see video if you are serious about flipping houses.

First, have you joined our private FlippingJunkie facebook group? Come network with us!

I hope you enjoyed the video. If so please don’t hesitate to click the ‘Like’ button below. You could also click the +1 button if you like cats. 🙂

Also, if you have any tips you’d like to contribute on determining repair costs or have any horror stories about mistakes made determining costs, please share them below. I look forward to reading about them.

 

-Danny

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25 awesome responses to “How To Determine Repair Costs For House Flips Like A Pro”

  1. Craig Ramsey on

    Great advice Danny! Thanks for sharing it with us.

    Craig

  2. Kevin on

    Of course, thank you for all the knowledge and taking the time to make the video for us. I have one question. Like you said with wholesaling, you don’t have to find all the info, you just need estimates for the end buyer. When you are taking the investor friendly contractor in to see a property, should we ask what everything costs to replace? Then after that use the info when you go alone to give rough estimates?

  3. Michelle on

    Another great video Danny! Thank you for this information. I have a question, on #2, if the house is vacant and now owned by the bank, can my realtor show it to me without it being listed on the MLS yet?

  4. James on

    Thanks for the info. You’ve mentioned investor clubs several times. Any in San Antonio you would recommend?

  5. Jon Keeney on

    Thanks for putting this together Danny! When you’re going through these “sample” banked owned houses, how do you explain the exercise to the contractor since it may very well be a house you’re not looking seriously at buying? Do you recommend paying a contractor for their time in these cases?

  6. Rob on

    Great explanation of determining repair costs, Thanks!

  7. gene on

    Danny,
    Did you ever use Angie’s list. I used them to find a roofer. The guy was great.
    When he left i couldn’t find anything on the grounds

  8. Nichole on

    Hi Danny, I am learning so much! Just went through your 3 videos as well and I’m following your advise carefully! I did have one question though: I have been sending leads to 2 of my buyers, in the form of the addresses so that I can get feedback if they are interested in the properties. Is this a mistake? Somehow, I’m a little nervous that they will just work the lead themselves and take the deal? Is there anything I can possibly include directly in the email that would automatically make it a “deal finder” contract of sorts? I’m sure if I sent them a contract every time I had a lead they would look at me cross-eyed, so I want to avoid that! :-/ any help would be appreciated! 🙂

    1. Todd Desper on

      Great question Nichole. It is one that I had a while back when considering wholesaling. I also sent a few leads to potential buyers, never to hear from them again. So I was wondering the same thing; how do you keep ‘dishonest’ buyers from stealing your hard work/deals?

  9. Brooks Conkle on

    Good stuff Danny!
    I starred this in my email and just now got to watch.
    You’re always giving out real info.

    Do you use a simple contract with contractors?
    Ha, the one we have is like 20 pages long, but it works I guess..

  10. David Lathrop on

    Great info Danny thanks for the videos. It is so great to be able to learn from your experiences without keeping a hand covering my wallet, you are the man! Every webinar out there talks about I had no money, no job, etc.. then by the end we gained nothing from the webinar and wasted 30 minutes of our time, and all for a sales pitch of their $1000 system. Just wanted to let you know how much your appreciated. Thanks again!

  11. Chris on

    Hey Danny,

    I’ve got some experience in flipping, but, am really learning a lot from your books and vids..Do you have a comprehensive method for determining the ARV of a home? I have found this to be a little bit tougher than it initially see. You may have already posted on this, but, i have not seen it on the site yet. Any advise or direction would be greatly appreciated. Thanks!

    -chris