Thank you for saying the piece about don't waste contractor time. As a contractor who is always hustling for work to keep guys going, it hate it when people call me out without a clear plan, and just want to use my experience for more ideas and direction.
About three hours ago I asked Jamil about this video bcuz I couldn't find it. He told me where to look and here it is. I am thankful bcuz it's the lesson I needed to see. I'm convinced that he's the fastest at comping a deal. Thanks Jamil for telling me where to find this ⭐
Loved the video but I'm curious about a possible formula for average rehab or light rehab. I'll definitely use the $60 formula but was curious about easier rehabs?
Light rehab (flooring & paint) $15 Average rehab (flooring, kitchen & bath) $30 (add 5k for mechanicals that need work or need to be replaced … water heater, hvac etc.)
Thanks for sharing that info! With a $160k rehab budget, it's crucial to ensure the ARV justifies the investment, especially in the Philly and Delaware markets. Obviously, the cost will vary depending on the market, but knowing your area, do you see comps that support a strong enough ARV to make the numbers work?
@@jamildamji sometimes yes, sometimes no. It’s becoming harder to do gut jobs because in some areas, the ARV is sometimes the same cost as the rehab. A lot of jobs that get started but not completed in Philly. That’s may be my next project.
so a $120,000 for pretty much 3,000 sq ft, that's only $48/sq ft. that's Incredible! That's a FULL rehab. I'd a guessed $150k-160k So whats the numbers on a rental house, around $35sq ft?
Check Comps: Look at similar projects in the area. Calculate: Divide the renovation cost by the square footage. Adjust: Factor in local costs and materials. Join us for Straight Outta Compin' on Sundays and Wednesdays on my RUclips channel.
In a high-cost-of-living area like Boston, you might consider increasing that $60 per sq ft significantly. It often depends on specific neighborhood trends and market conditions, but in Boston, it could be anywhere from 25% to 50% more. It’s a good idea to check recent comps in the area to get a precise figure.
all i had to do was look at the outside and i said out loud its probably 100k before looking at the inside lol saw inside and was like yea atleast 100k idk if per sqft full gut price has changed since then i was thinking maybe 75 per foot
Haha, you’ve got a good eye for it! It’s crazy how the numbers start making sense even before stepping inside, right? $75 per sqft for a full gut sounds about right depending on the market, but those prices do fluctuate. Always smart to double-check the comps and recent reno costs to stay on top of it. Keep trusting your instincts though-they’re spot on!
yea here in philly since everything is old as dirt i try to say minimum rehab probably 50k most everything is 1920s to 50s and started looking on prop wire after either your video or jerrys video and started looking at what flippers were paying and in most old places buyers paying 30-40% of arv for most of the ratty townhouses 50 tops and avoid north philly like the plague Lol
@@jamildamji and what do you think about just building repairs into the arv? i found somewhere buy and holders typically spend 20-30 percent on repairs and it kinda works but probably not too accurate but will get you to some sort of number i wen 100% of arv -15% for closing-15-25% profit -20-30% repairs but im thinking not accurate tho and this lines up with what jerry said for a quick number just do 47% which seems like it works and also he said just do half of Zillow lol
I suggest finding out costs on your own for kitchen (fridge, cabinets, sink, EVERYTHING) and just getting a estimation from that then when u find out those, do your research on costs by unit measurements. From that u can also compare to their full get remodel calculations 60 by square for house and basement half that.
@@Ima.burnout That works perfect, Thank you very much, I’m a real estate agent work in NY and CT and I’m starting to work for flipplers investors, that will help me get an accurate and more than close estimate. Thank you
Amazing. Love It! Jamil... Is your calculation applicable to properties located in L.A. County, California? Also, what would your estimated calculation adjustment be for 10K+ sq. ft. Mansions that would require nicer flooring, materials and appliances?
Jamil that estimate is in Georgia right, because we're at about $115 to $125 a sqft in upper Westchester NY not sure about the rest but may be more 🤷♂️
Just speaking from having hired an inspector after doing a walkthrough, an inspector can find stuff that you normally wouldn’t find just doing a typical walkthrough, such as problems on the roof or in the attic, that you normally wouldn’t explore until doing the rehab.
Hi! This is Jamil's media team. Thanks so much for watching the video and supporting Jamil's channel. Jamil Is very busy and may not have time to answer every question, but if you join the FREE Astroflipping FB group the Astro members would love to help you with an answer. facebook.com/groups/astroflippingpublic/
85 for a full gut.. 1,592 sq. ft. property.. 1,592 x 85= 135,320.. 1,000 sq. ft. basement x 1/2 of 85 i.e. 1,000 x 42.5= 42,500.. 135,320 upstairs + 42,500 downstairs= $177,750 in estimated repair costs...
Building a new house on an empty lot might seem like a straightforward solution, but it often comes with additional costs, delays, and complexities that can exceed initial expectations. Factors like permitting, construction timelines, and unforeseen expenses can make it more expensive than anticipated. Additionally, existing properties may have unique value, such as location, character, or historical significance, that new builds can't replicate. Careful consideration of both options is essential to make an informed decision.
Thank you for saying the piece about don't waste contractor time. As a contractor who is always hustling for work to keep guys going, it hate it when people call me out without a clear plan, and just want to use my experience for more ideas and direction.
Please do more of these - educational & entertaining.
So what would other tiers of rehab be?
15-20 for paint,carpet & touch ups
30-35 for anything more then the first level?
Love the video bro!
Excellent info & an example of full gut renovation costs! Thank you!💕
Glad it was helpful!
I agree about the French door where the window is in basement totally worth it
I cant wait to see the finished product. It will look amazing.
Same here bro! We'll have to do a pt. 3!
Agree! Really want to see the finished product on this one, seems like some interesting changes.
About three hours ago I asked Jamil about this video bcuz I couldn't find it. He told me where to look and here it is. I am thankful bcuz it's the lesson I needed to see. I'm convinced that he's the fastest at comping a deal. Thanks Jamil for telling me where to find this ⭐
Hi, this is Jamil's media team. Glad that you got value out of this video!
Great content and great sound quality too. Thx guys
Thank bobby two hands for that!
Hell of a video, thanks fellas
Glad you enjoyed it! 🙏🏾
Awesome content. Very helpful.
Very Very Good Imformative video
That guy needs to be checked about that Michael Vick comment, that was unnecessary.
Thank you! 🙏🏾
LOL when Jamil flashed his iPhone after Chris said his rehab cost 😆
Jamil the MONSTER at guesstimations!
practice!!
I love this! It's very educational!
Like the volting idea
$60 a sq ft?! What a deal… I’d be at least 100-110 here in SoCal. Sheesh! Is there an update video?!
100-110/sft, is labor cost or cost and materials? Thanks
I really love this and only 9 minutes and 59 seconds in
So glad!
Thanks for the vid. Trying to get into this myself 👍
Glad this helped! Go for it!
Loved the video but I'm curious about a possible formula for average rehab or light rehab. I'll definitely use the $60 formula but was curious about easier rehabs?
Light rehab (flooring & paint) $15 Average rehab (flooring, kitchen & bath) $30 (add 5k for mechanicals that need work or need to be replaced … water heater, hvac etc.)
This video is awesome guys love it 🔥
Jamil, that was truly amazing! Can you tell me what the current average price per sqft for a full gut? Is it still $60 a foot?
Good info thanks
Glad it was helpful!
This house is huge
Love this
I would not have known what the renovation number would be until the formula was given by Mr. Damji.
I got you bro
Jamil that was awesome!!! What is the cost per square foot on a light rehab and the cost per square foot on a medium rehab?
I'm using this. Good stuff Pace and Jamil!! Would I use 30 bucks a sqft for light/medium rehabs???
I just asked that same question.
helpful video!
Hi, this is Jamil's media team. Glad that you got value out of this video!
How would you come up with the magic number for a light and medium rehab if the number for a full gut is about $60 per sqft. Great video thanks!
I’m trying to figure that out as well
When you pray for rain, you gotta deal with the mud too.
Jamil you're really a genie lol great ass value.
I work out of Philadelphia and Delaware. The rehab would be minimum 160k
Thanks for sharing that info! With a $160k rehab budget, it's crucial to ensure the ARV justifies the investment, especially in the Philly and Delaware markets. Obviously, the cost will vary depending on the market, but knowing your area, do you see comps that support a strong enough ARV to make the numbers work?
@@jamildamji sometimes yes, sometimes no. It’s becoming harder to do gut jobs because in some areas, the ARV is sometimes the same cost as the rehab. A lot of jobs that get started but not completed in Philly. That’s may be my next project.
180k. Wow, 120 k for all that work? Not here in California. Let’s see the finished product, I’m sure it will be awesome.
Perks of flipping in ATL
Jamil Is such a G
Great
Thanks for watching! 🤗
@@jamildamjiHi Jamil, Thanks for doing this. $60/sft is just labor or with materials? Thank you.
That ceiling reminds of silent hill
LOL
It’s crazy how we’re able to create an image in our mind of how the house will look before it’s even finished
What would be also the cost/sqft on a light & moderate rehab?
A year later lets see the final!!! I'm guessing in ATL this property goes at $425k.. Would love to see if im right
As I typed he said "$700,000" price range lol
Jamil did that ish fast!!!
so a $120,000 for pretty much 3,000 sq ft, that's only $48/sq ft. that's Incredible! That's a FULL rehab. I'd a guessed $150k-160k So whats the numbers on a rental house, around $35sq ft?
Hello. Solid work. Is there a template or something that you offer with this information? I.E full gut, cosmetic, etc? Thanks for posting this!
I need a template too
Jamil how do you find the dollar per sqft whether it’s a full gut or cosmetic
Check Comps: Look at similar projects in the area.
Calculate: Divide the renovation cost by the square footage.
Adjust: Factor in local costs and materials.
Join us for Straight Outta Compin' on Sundays and Wednesdays on my RUclips channel.
How u come up with the the full gut number 60?
I would say $154,000
How much more would you increase that $60 sq ft if you live in a HCOL like Boston?
In a high-cost-of-living area like Boston, you might consider increasing that $60 per sq ft significantly. It often depends on specific neighborhood trends and market conditions, but in Boston, it could be anywhere from 25% to 50% more. It’s a good idea to check recent comps in the area to get a precise figure.
HIRE AN INSPECTOR LIKE HE SAID! PUT US HOME INSPECTORS TO WORK, PLS. -RON THE INSPECTOR
Jamil whats the price per sf for a standard reno in tampa..no bells and whistles
If only there was an app that could give you a cost per square. ft. that is based on a state. Maybe with AI it'll be possible way in the future.
all i had to do was look at the outside and i said out loud its probably 100k before looking at the inside lol saw inside and was like yea atleast 100k idk if per sqft full gut price has changed since then i was thinking maybe 75 per foot
Haha, you’ve got a good eye for it! It’s crazy how the numbers start making sense even before stepping inside, right? $75 per sqft for a full gut sounds about right depending on the market, but those prices do fluctuate. Always smart to double-check the comps and recent reno costs to stay on top of it. Keep trusting your instincts though-they’re spot on!
yea here in philly since everything is old as dirt i try to say minimum rehab probably 50k most everything is 1920s to 50s and started looking on prop wire after either your video or jerrys video and started looking at what flippers were paying and in most old places buyers paying 30-40% of arv for most of the ratty townhouses 50 tops and avoid north philly like the plague Lol
@@jamildamji and what do you think about just building repairs into the arv? i found somewhere buy and holders typically spend 20-30 percent on repairs and it kinda works but probably not too accurate but will get you to some sort of number i wen 100% of arv -15% for closing-15-25% profit -20-30% repairs but im thinking not accurate tho and this lines up with what jerry said for a quick number just do 47% which seems like it works and also he said just do half of Zillow lol
My guess was exactly 125k crazy
How much do you estimate for light, medium and heavy renovation???
I suggest finding out costs on your own for kitchen (fridge, cabinets, sink, EVERYTHING) and just getting a estimation from that then when u find out those, do your research on costs by unit measurements. From that u can also compare to their full get remodel calculations 60 by square for house and basement half that.
gut*
@@Ima.burnout That works perfect, Thank you very much, I’m a real estate agent work in NY and CT and I’m starting to work for flipplers investors, that will help me get an accurate and more than close estimate. Thank you
Amazing. Love It!
Jamil...
Is your calculation applicable to properties located in L.A. County, California?
Also, what would your estimated calculation adjustment be for 10K+ sq. ft. Mansions that would require nicer flooring, materials and appliances?
Cali contractors are going $250-350 a sqft
@@dennisbaugher6788 Thanks for helping out Dennis!
@@dennisbaugher6788 damn that’s hefty
I'm with Jamil
Jamil that estimate is in Georgia right, because we're at about $115 to $125 a sqft in upper Westchester NY not sure about the rest but may be more 🤷♂️
Georgia correct!
@@jamildamjihey Jamil, any idea what the gut cost in Kansas City is right now?
$125.55K!
Keyglee ATL estimate is $118,000
175k
What would be the point of hiring an inspector? How do they help you calculate repairs
Just speaking from having hired an inspector after doing a walkthrough, an inspector can find stuff that you normally wouldn’t find just doing a typical walkthrough, such as problems on the roof or in the attic, that you normally wouldn’t explore until doing the rehab.
137,150.00
👍🏾
135k
How did you know to use “$60” a sf to calculate cost?
Hi! This is Jamil's media team. Thanks so much for watching the video and supporting Jamil's channel. Jamil Is very busy and may not have time to answer every question, but if you join the FREE Astroflipping FB group the Astro members would love to help you with an answer.
facebook.com/groups/astroflippingpublic/
I was at 140
85 for a full gut.. 1,592 sq. ft. property.. 1,592 x 85= 135,320.. 1,000 sq. ft. basement x 1/2 of 85 i.e. 1,000 x 42.5= 42,500.. 135,320 upstairs + 42,500 downstairs= $177,750 in estimated repair costs...
You might as well build a new house on an empty lot for that price.
Building a new house on an empty lot might seem like a straightforward solution, but it often comes with additional costs, delays, and complexities that can exceed initial expectations. Factors like permitting, construction timelines, and unforeseen expenses can make it more expensive than anticipated. Additionally, existing properties may have unique value, such as location, character, or historical significance, that new builds can't replicate. Careful consideration of both options is essential to make an informed decision.
$60 a sqft
Basement is half the first number ok x sqft
$148,780.00
$155k
95k-115k
$115,000
Im saying 95k
I think the contractor charged you 165K
I will say $139k
Hi, this is Jamil's media team! Thanks for watching and leaving a comment! Jamil appreciates it greatly!
190k