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:
Then, scroll down to the Property Templates section and select the templates you'd like to work on (rental, BRRRR, flip or wholesale):
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:
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:
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.
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
Once you've added all of your typical rehab items and entered their costs, click Save at the top right to save your template:
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:
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:
Then, scroll down to the Rehab Costs section and click the Edit rehab costs 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.