Repair Cost Estimator - Analyzing DIY Savings
Learn how to analyze project savings for doing the work yourself vs hiring the work out to a contractor.
- 00:20 - Introducing DIY Savings
- 00:45 - Designating a Work Item as a 'DIY' Item
Many rehabbers are also contractors or Do-It-Yourselfers and perform certain scopes of work themselves in order to make more competitive offers on properties, save construction costs and increase their rehab profits.
Designating a Work Item as a 'DIY' Item
One of the cool features of the repair cost estimator is the ability to calculate the amount you will save by doing the work yourself.
Simply place an X next to the items that you are going to DIY, and the spreadsheet will remove the labor costs from the estimate & calculate the DIY savings for those items.
The total DIY savings for the project are tallied at the top of the spreadsheet so you can know how much you are saving by doing the work yourself.
You can then use these project savings to make your offer more competitive against other investors, save you construction costs, and maximize your project profitability.