Investor Mistakes Real Estate by Zack Wiest Part 3
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Investor Mistakes Real Estate by Zack Wiest Part 3

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Investor Mistakes Real Estate by Zack Wiest Part 3 Document Transcript

  • 1. New Investor Mistake #3Good morning my friend! Zack here with New Investor Mistake # 3.Money is either made or lost during the renovation phase. Even after 804real estate transactions and counting I struggle, at times, with the rehabphase. So, New Investor Mistake #3 is: Not Preparing For The Rehab Phase1] Create a detailed Scope of Work clearly explaining everything you wantdone to the property. It is not sufficient to say "Drywall where needed".Instead it should say "Drywall north wall in rearbedroom, 3rd floor". Be detailed so there is noconfusion as to what you meant.2] Walk contractor through with your detailedScope of Work so you both understand what willtake place. This is a great time to point things outto your contractor and its also a great time for yourcontractor to point things out to you.3] Get everything in writing. Dont ever start a project without a writtenIndependent Contractor Agreement. As a client of ours, these are providedto you, free of charge.4] Watch your project closely. You should be on the jobsite at least twice perweek. On your off days you should contact your contractor by phone tomake sure everything is going as planned. The second you stop showing upand calling is the second your project will stop. Be diligent about this. Youwill want to make sure your contractor is following a logical rehabprogression. I suggest following this schedule: Demolition / Trash Out Roof / Windows / Siding / Gutters / Structural HVAC / Plumbing / Electrical
  • 2. Framing / Subfloors Drywall / Patch and Prep Paint Kitchens and Bathrooms Finish Items Owners Punch Out List Carpet Install Cleaning / LandscapingWhile rehabbing properties is never easy, and unfortunately will probablynever be easy, it is manageable, if you follow a few simple rules.I hope this article helps you become a better rehabber. Take care and asalways I wish you the best of luck in all of your endeavors. If you are not yeta client of ours log on now and watch our free Introduction Video where youwill learn how to buy your first MONEY MAKING property in 4 weeks or less!Log onto PaDeals.com right now to be part of the most exciting real estateopportunity found anywhere.PA Deals, LLC