Tips on Getting Expense Reports for Repairs

Tips on Getting Expense Reports for Repairs

Once you have done the walkthrough of the property you are looking at you need to find the cost of the expenses for the property. There are different ways to do this.

When I started real estate some time ago I did not have a handy man. I use to call Home Depot and Lowes to get their cost of how much it would be for them to put in an item such as the floors. I addition to this I would use their websites to help me place the cost for the home.

I moved into a handyman / contractor to do my properties. This was great for me because I found a handyman to give me non-contractual bids over the phone. I loved this because I could do all the research and get a cost for fix up very quickly so I could add this cost to my offers quickly. After the process of the bid got further I would have the professional come to the property and finalize the bid.

After dealing with handymen for a short while I realized that I could get cheaper costs from independent companies. Such as if I called a flooring company I could get a better price than if I called a handy man.

I know use a combination of everything. Sometimes I contact Lowes, still use handymen and know which jobs I can get for better prices and will go to independent companies for good costs with timely deadlines.

Side note: If I am working a short sale I always get a professional bid from a handyman / contractor to work the BPO (broker’s price opinion) of the property.

Whatever you use you will want o create a list of people you can work with to get the best service at the best prices.


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Can you explain a little more in depth why is more important to get a professional bid on a short sale? How does that help you work the BPO?

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