Since we usually make our initial offer over the phone, we don’t always know exactly how much work the property will need.
Here is what I usually estimate:
- Seller says no work is needed = $5000
- Sellers says minor paint fixes & new carpet = $10,000
- Seller says needs work = $15,000
- Seller says needs a lot of work = $25,000
- Seller says it needs to be completely gutted = go look at the property before moving forward
Do not get too hung up on figuring out repairs. The best strategy is to use general estimates until you know you have a deal. You can always go back and negotiate later. Do not make this a complicated process, keep it simple.