One of the best things you can do as a new real estate investor in walk up and down the aisles of home supply stores like Home Depot & Lowes. Not that you want to be swinging a hammer on a job site, but there’s simply no better way to educated yourself on the cost for home repairs and upgrades. The knowledge you gain from this task will help you understand:
- The cost of construction materials and how easy or difficult a particular job may be. This will allows you to be better equipped you are when evaluating a particular property purchase.
- How to negotiate with contractors for a particular job. For example, I know that if a contractor is quoting me $500 to replace a standard vinyl window, his labor must be between $250 – $300. I know this because and I can buy a standard vinyl window at HD for $200-$250. Now I can decide whether my contractors labor is worth what he’s asking, negotiate his price or gather other contractor quotes.