By using DealCheck's property template system and rehab cost worksheet, you can create rehab budgets and scope of work templates for your rehab projects, and then quickly use them when analyzing new flips, wholesales, BRRRRs or rentals.

Follow this guide to learn how to set this up.

Step 1 - Create a New Property Template

Property templates allow you to save sets of settings and presets that can be quickly applied to any new property you want to analyze.

In addition to things like financing, closing costs, holding costs and operating expenses, you can also customize and save your typical rehab items and their costs.

To manage your templates, first, navigate to the Settings page via the link at the top right of our web app:

Account settings link in main navigation bar

Then, scroll down to the Property Templates section and select the templates you'd like to work on (rental, BRRRR, flip or wholesale):

Property template settings

From here, you can create a new template by clicking the Add button at the top right, or click on any of your existing templates to edit it:

Add a new flip template button

Step 2 - Create a List of Rehab Items and Costs

Next, scroll down to the Rehab Costs section and click on the Itemize or Edit button to open the rehab costs worksheet:

Rehab costs and budget edit button

From here, you can add, edit and remove items from your "master" or "typical" rehab items list. You can include all potential items you'll work on during each rehab, since you will be able to remove the ones that don't apply to each property later.

Rehab item list and budget example

When editing each rehab item, you'll have an option to enter its cost in several different ways:

  • Fixed amount: good for one-off items like roof replacement, electrical upgrades, landscaping improvements, HVAC replacement, etc.

  • An amount per each individual item: good for entering a cost and quantity for multiple items, like window or door replacements, new fixtures, vanities or lights

  • An amount per square foot of the building's living area: good for entering things that depend on the square footage of the property, like new flooring or interior painting

  • A percent of the total rehab budget: for calculating labor costs, general contractor fees, or other overhead costs that depend on the rehab budget

Example of a new rehab cost

Once you've added all of your typical rehab items and entered their costs, click Save at the top right to save your template:

Template save button

Tip: you can create as many templates as you want, all with different rehab budgets, to help you plan for different rehab projects.

Step 3 - Add a New Property Using Your Template

When adding new properties, you will have an option to select the template you'd like to use for it on the New Property page:

Template select dropdown

This is where you can select the template you created earlier that will be most applicable to the new property you're adding.

After selecting the template, you can add the new property by importing its property data, or by entering information manually. The template you select will apply in either case.

Step 4 - Customize the Rehab Budget for Each Property

It's likely that not all of the rehab items you entered earlier will apply to each property, so it's a good idea to look over each property's rehab worksheet to make sure it's accurate.

To do this, go to the Purchase Worksheet page from the property menu on the left side:

Purchase worksheet page link in property menu

Then, scroll down to the Rehab Costs section and click the Edit rehab costs button:

Rehab budget edit button

From here, you can remove any items that don't apply to this particular property, add any additional rehab items it needs, and modify the cost and quantity for each item.

Note: The above screenshots were taken from our online app, but the same features can be found in our iOS and Android apps as well.

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