In this episode of My First Keys, Garret Wong reveals how seasoned investors estimate renovation costs in just 15 minutes—without waiting on a contractor. Learn the exact process his team uses to confidently make offers and stay on budget, including how to build your cost catalog, avoid costly surprises, and leverage spreadsheets that think like an investor.

Timestamps:

[00:00:00] Introduction

Garret sets the stage by highlighting a common investor pitfall—guessing reno costs and blowing budgets.

[00:01:38] Why Most Investors Fail at Estimating Costs

The dangers of relying on hope, gut feelings, or delayed contractor quotes when speed matters most.

[00:03:00] The 10-Step Walkthrough Process for Estimating Costs

How to break down a property room-by-room, create a master checklist, and avoid missing big-ticket repairs like roofs or HVAC systems.

[00:06:11] Building a Real-Time Pricing Catalog

Where to source accurate local contractor rates, how often to update your data, and why even Garret uses Home Depot prices as benchmarks.

[00:08:29] Industry Rule-of-Thumb vs. Real Numbers

Why per-square-foot estimates and online averages can mislead, and how to adjust for quality, geography, and contractor availability.

[00:10:56] Contingency Buffers and ROI-Focused Renovations

Why 10-20% buffers are essential, what hidden costs to plan for, and how to prioritize kitchens, bathrooms, and curb appeal upgrades.

[00:13:18] Garret’s Personal Estimating System

From laser measurement tools to Excel spreadsheets with built-in contingencies and JV scenarios, Garret shares his proprietary workflow.

[00:15:40] Final Thoughts & Weekly Toolkit Invitation

Garret encourages investors to "practice estimating like it's the gym" and invites listeners to join his email list for exclusive tools and resources.

Mentioned in this Episode:

• Upper Edge Property Management
• Home Depot Canada (for cost benchmarks)
• REIkit Estimator
• BiggerPockets Rehab Estimator Tools
• DealMachine

Check out our weekly webinar series HERE, where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he has grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion in assets, with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.