Tuesday, November 21, 2017

Managing a Rehab

A house is usually one of the biggest purchases of our lives.  Whether you're looking at investing in real estate or making your own home into the dream home you've always wanted, being able to effectively manage a rehab is absolutely critical.

The rehab phase of the project is where things can go south very quickly.  And by setting it up correctly, and effectively managing the process will make your life a lot less stressful!

We've done quite a few deals in the DC Metro area, and along the way we have made mistakes and learned A TON!

And we'd like to share some of our experiences with you so you don't make the same mistakes.

We recently hosted a meetup and presented the information below.

Summary

  1. 6 Critical Docs - The various legal documents/etc. you should have in place for a rehab.
  2. Know your local city/county inspection and permitting protocols/processes.
  3. Create a project plan with your contractor to follow and track.
  4. Have a project kick-off meeting at the start and ensure everyone is on the same page.
  5. Monitor the project - go in person a few times a week to ensure work is being performed.
  6. Do a final walk-through/punch out with your contractor before you send them the final payment.
  7. A few lessons learned **

Here is a link to the presentation: Manging a Rehab

No comments:

Post a Comment

Considerations To Make A Wise Real Estate Purchase

2018, a new year and a fresh start!  This could be the year where you purchase your first home, upgrade to a larger home to fit your gro...