Frequently Asked Questions about the Rehab Offer Calculator

  • Are all labor and materials Costs included?  Where do these costs come from?

Yes, all labor and materials costs are included in the full version – 392 of them to be exact.  Two sets of Materials costs are included – Builder Grade & Premium Grade.  This allows you to use the Rehab Offer Calculator for different price range properties without having to re-input costs – you simply choose Builder Grade or Premium grade on the Materials sheet & all costs are automatically adjusted.

 Cost Type Selection

You can see each cost on the Labor and Materials sheets (scroll right on the trial version to see these tabs).  The labor costs were compiled from 1) what I’ve actually paid in Cleveland, Ohio, 2) input from Users all over the country, and 3) data gathered from the Internet.  The materials costs all include a detailed description, supplier name (most are Home Depot costs) and a SKU – any or all can be easily changed.

  • Are the Costs going to work for my area?  I don’t live in Cleveland Ohio.

The Rehab Offer Calculator also includes a Regional Cost Adjustment feature – this allows you to have all costs adjusted to closely match your area regardless of where you are in the United States!

fixer upper house offer calculator

  • I don’t use the same materials as you, can I change the labor and materials costs?

Yes, you can change any or all materials and labor costs very easily….any cost in a yellow cell in the Labor sheet can be changed.  Descriptions, SKUs, supplier name and costs can all be easily changed on the Materials sheet.  Just re-enter your new cost.  Once you enter a new cost into the Labor or Materials sheet, the cost is changed automatically throughout the Rehab Offer Calculator.  The Materials sheet also includes a feature that allows you to easily change how some materials descriptions appear.  You can actually change the description you see on the room input pages just by changing the description on any item that has a green check mark next to it in the Materials sheets.

Change Materials Description

Change Materials Description 2

  • I’ve used Excel before and would like to modify some of the sheets, can I do this?

Yes absolutely – nothing is locked down or protected.  Since there are a lot of cells that are dependent on each other and quite a few calculations included in the sheets, you should be careful when making any changes.

  • How old are the costs that are included?  Do you ever update them?

The last cost revision date is included on the Materials Costs sheet.  I generally update costs every 3-6 months and publish an update after doing so (that all full version purchasers receive free access to).  You can also easily update costs yourself anytime.  I have found that looking at costs 2-3 times a year is adequate as most costs don’t change frequently.

  • Is this a one time purchase or am I signing up for some kind of subscription?  What about updates?

You purchase the full version of the Rehab Offer Calculator once; there are no subscriptions or additional automatic payments.  All purchasers are entitled to free upgrades and will receive a password to access the upgrade web page.

  • I don’t want to lug my laptop around to houses and my tablet can’t open an Excel spreadsheet – how do I use the Rehab Offer Calculator?

A property inspection checklist is included – simply print a supply of those off and take them with you to the houses you are looking at.  The repairs are listed in the same order on the property checklist that they appear in the full version spreadsheet – so its a very quick process to transfer the info you have on the paper checklist to the Excel version when you back home or to your office.  I generally use the property inspection checklist during my walk thru – but have my laptop with me.  If the property looks attractive, I can fire up my laptop and give the realtor an offer number on site in about 10 minutes or so…….but this depends on how well I understand the market.  Sometimes its wise to take a little time and research the market thoroughly before making an offer – but a little time is measured in hours, not days.  And the Rehab Offer Calculator allows you to spend this extra time focused on understanding the market and likely after repaired value…..instead of worrying about getting tons of measurements and getting all your costs right.

Property Inspection Checklist

  • Can I use this on more than one house?

ABSOLUTELY – there is no limit on the number of houses you can use this tool for.  The Print Reports feature (which automatically creates room by room and contractor based reports) actually saves output with a file name that includes your property address!  I recommend creating a separate folder on your computer for each property so that you can easily find data for each property…..you never know when you will wind up going back to a property that you either had no interest in initially or was sold before you could get your offer in.  I’ve had banks come back to me 2 months after they had accepted another offer and ask me if I’m still interested (because the original investor couldn’t close).

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