“We should not only use the brains we have, but all that we can borrow.”
Thomas Woodrow Wilson

One of the scariest things for new – and even experienced – investors is estimating the cost of repairs on a prospective investment property. If you’re off by even a little, it can cost you thousands in profits. If you’re off by a LOT, well, instead of walking away from the closing with a check for thousands, you might be bringing money to the table.

Finding a reliable contractor is a good first step. (Hint: go to your REIA meetings and network. Ask for recommendations. Interview several.) But the best way to know that you’ve got a good estimate is to become familiar with determining what repairs are needed and how much they cost.

So where do you start? One of the best apps I’ve seen to guide you through this process is the Home Builder Pro Calcs app. (At press time, this app costs $4.99 on the App Store and can be used on the iPhone and iPad.)  Read More→