In this video, I am going to show you how to use our repair costs worksheet to quickly know what your repair costs will be when wholesaling a real estate deal.
Think As a Real Estate Wholesaler —- Not a Rehabber
I am a wholesaler and not a rehabber, so coming up with the repair cost can be difficult. My main concern as a wholesaler is making sure that there is room in the deal to make a profitable wholesale fee. Many wholesalers have been using contractors to give them a quote for the repairs that will be needed. We have been using a secret strategy to get the repair costs without wasting time on contractors for a quote. This strategy has saved us both time and money.
Our secret to being able to find the repair costs that make our job as a real estate wholesaler easier is that we use Home Depot, Lowes, and other similar big box stores to get our repair costs. The next time you are in one of these places, the installation prices are typically posted next to the item or service.
Repair Costs Made Easy
The reason why we use places like Lowes and Home Depot for the repair costs is that our expertise is in being real estate wholesalers and not rehabbing or fix and flips. Typically these are the same places that sellers are going to find out the repair costs. Since these will be the same prices you use to determine repair costs, the seller will not be surprised and will understand. Instead of going to the stores you can try their websites and find the repair/installation prices. This can really help you if you are virtual wholesaling.
Once we get the repair/installation prices I input those costs into the Repair Costs Worksheet and instantly know the amount.
Close the Deal Faster
You can use the Repair Cost Worksheet on your phone or tablet, and show the seller what their repair costs would be if they tried to fix the house themselves to sell it for retail. This will make?it?easier for you to get the property under contract at a discount because many people don’t have the money to pay for the repairs.
Watch the video above to learn how to use the Repair Costs Worksheet.
The Repair Costs worksheet is available FREE with our Wholesale Fee Calculator.
If you have any questions, please leave a comment below.