When estimating repairs on a house for a wholesale deal, do you estimate repairs to get the house in decent normal livable condition, or estimate for an all out top condition complete remodel?
Howdy KJB:
I have had wholesalers give me ranges including both the minimum and also the top notch rehab job. They almost always say the rehab is up to me depending on who I hire or if I do it myself and how much I want to do to the property.
It also depends on the area. If it is a bad area with cheap houses, “move-in condition” means some semi-decent carpet, spray-painted walls and used appliances. An upscale neighbourhood will require a lot more work. Just looking at the inside of the houses for sale would help.