Fix 2 flip workshop 12-18-2010

Fixing 2 Flip Workshop12/18/2010
GABHART INVESTMENTS, INC.

Introduction
Why we are having this
Share information & Network
Agents, investors, & contractors
Wanted to be on TV
To have a discussion about fixing for resale from the eyes of an investor
What we do
Backgrounds
GabhartInvestments.com

Introduction

Some Previous Projects

The Five Steps to Success
While many investors see an opportunity in this market to buy discounted properties, they may not have the time, capital, or experience to formulate a strategy and execute.

The Five Steps to Success
Finding
Feasibility
Funding
Fixing
Flipping

What's Their Perspective?
Realtors perspective
Contractors Perspective
End users perspective

Construction - from an investors perspective
“Entails the planning, scheduling, Evaluating, and controlling of the construction tasks and activities to accomplish specific objectives by effectively allocating the using the appropriate labor, material, and time resources that minimizes costs and maximizes value”

Key Skills
Construction is the number one place where people get in trouble
The buy is the most important
Construction is the hardest skill to learn

Skills needed to be successful in Fixing 2 Flip
Decision making
Problem solving
Persistence
Drive
Acting quick
Relationships
Clear communications
"You need to be flexible and work effectively in a fast paced environment. Need to be decisive and work well under pressure, especially when faced with unexpected delays, occurrences & costs.
The ability to coordinate several major activities at once while analyzing and resolving problems is crucial.."

“in every complex problem, there is usually a single large problem that must be solved before any other problems can be solved.” Your job is to identify the biggest single problem or difficulty that is holding you back and focus on solving that before you get sidetracked by smaller problems and difficulties.” – Peter Drucker

Fixing & Managing Risk
Correct scope of work
Accurate estimates
Proper specifications
Good contract
Time lines
Managing the 3 P’s
Hiring the right people
Project delivery

Scope of Work
Clarify What Needs to Be Done
Or you may get this
Starts with your first inspection of property
Use a simple form to fill out what needs to be done room by room
Need to go over it over & over
If not you forget things
Function of being able to meet the end user requirement

Scope of Work

Accurate Estimates
An estimated guess
Summary based on the best information available
Factors that can impact costs
Size
Complexity
Location
Age
Lot
Quality
Market conditions

Estimates
Types
Conceptual (first walk)
Preliminary
detailed
The process
3 H’s
How many
How much
How long
Organize the estimate
Work breakdown structure (WBS)
Biggest difficulty not to overlook items

Proper Specifications
Quality of materials
Standards of workmanship
Methods of installation
Quality control & procedures

Specifications

Good Contract
General conditions
Sets the ground rules & responsibilities
Supplemental conditions
i.e. materials and or other service provided by owner
Phasing or scheduling
Security
Technical specs

Good Contract

Project Stages
Very linear in nature. Requires a systematic, comprehensive approach.
Design
Pre construction
Procurement
Construction Stage
Post construction

Case Studies

6600 Shannon Ave
2Bedroom 2 bath
1775 sq. ft.
Rec Room above Garage
Bonus CEP (Concrete Enclosed Properties)
7,800 sq. ft. Private Tropical Lot
Purchased on 11/30/10 for $323,000

6600 Shannon
Deal Points
Original Listing 3 Bed 2 ¼ Bath
Original List Price $396,000
Inspections
Plans Submitted on Dec. 6th

Existing Floorplan

City Records
3rd Floor – Zoning and Parcel Information
Historic?
Zoning Restrictions?
2nd Floor – Permits and Plans
Make appointment or arrive early in AM
No records prior to 1955

County Records
Very Fast
Building Record
No individual permits
Floor Plan
Need Written Permission from Owner

Comps

Let’s Create A Scope
Break out into groups
One person writes down what needs to be done
Gather back in 20 minutes to discuess

Shannon Post Floor Plan

http://gabhartinvestments.com	135
http://sdcia.websitetoolbox.com	40
https://weblaunch.blifax.com	2

Fix 2 flip workshop 12-18-2010

by Gabhart Investments, Inc. on Feb 27, 2011

Accessibility

Categories

Tags

Upload Details

Usage Rights

3 Embeds 177

Statistics

Fix 2 flip workshop 12-18-2010 — Presentation Transcript