Welcome to “Tarl's Weekly Insights," my take on real estate today. 

Hey there,

Welcome to Tarl’s Weekly Insights, my take on real estate today.

In these newsletters, we'll dive deep into the real estate world, share valuable investment strategies, and explore the craziness that life has thrown my way. Whether it's my struggle and journey of overcoming flipping, deciphering the insanity of the market, successful strategies being used in REI, or just me making fun of social media real estate investors.

I can't wait to share it all with you...

4 Tips to Avoid Immediately Screwing Your Renovation Up 

There’s probably 100 other tips out there that you’ve heard from all the gurus… You’re going to have your own tips as you do more and more projects…But here are the top 4 my buddy J Scott and I feel are the most important.

(And if you prefer to watch rather than read, check out this video we did for BiggerPockets)

One of the first things you want to do is take action and GET AFTER IT!! That’s completely natural. But when you rush into things, you're more likely to encounter unexpected problems and have to play catch up, which can be costly when it comes to time and money.

Remember, we’re house flippers, not firefighters. Putting a plan together will help you avoid creating fires off the bat. Going faster does not always mean you’re going to make more money. So… take a deep breath, step back, and plan your renovation out thoroughly.

Need help with where to start? My next tip will give you a great place to start this process effectively.

This is one of those things that might seem like a no-brainer, but it's so important that it's worth emphasizing. This is where you tell your contractors exactly what you expect them to do on your project.

Isn’t that the contractor’s job?

Think of it this way… if I want a big juicy medium-rare steak, but I don’t tell the server how I want it cooked, I can pretty much bet that it’s not going to be cooked how I want it. Having a clear scope of work aka SOW is absolutely crucial to the success of your renovation. This is your roadmap for the project, detailing exactly what needs to be done, how it should be done, and who is responsible for each task. 

Without a detailed SOW, you're setting yourself up for confusion, misunderstandings, and potentially costly mistakes. Take the time to create a thorough SOW and make sure everyone involved in the project is on the same page. Don’t know how detailed to get? You can use SOWs from past projects for references. You can use Google to search – all the information is already out there. Ask your contractors as many questions as you need to.

Another pro tip… when your first contractor is walking through the property, have them put together what they think needs to be done, then ask more questions so you understand exactly what they’re talking about. Then use this as a reference for your second or third contractor, or project.

(I created a flipper support group to lean on with some of the best in the industry, including live calls with me weekly… if you think that would be helpful to have people you can reach out to, check it out here.)

This ties into your planning. If you don’t have all your ducks in a row, like having your design decisions made or your materials already on hand, you’re likely going to have to stop in the middle of your project.

You could add multiple weeks to your project because your contractor’s waiting on you.  He needs to keep his business going – he’s going to put you on the backburner and go work another project.

Nothing slows down a renovation like waiting for materials to arrive or trying to make design decisions on the fly. Take the time to be prepared, and you'll thank yourself later!

Finally, when it comes to managing your renovation, it's important to trust your contractors, but it's equally important to verify their work. This means staying on top of the project, checking in regularly, and making sure everything is being done to your standards. Nothing derails a renovation like shoddy workmanship or missed deadlines.

Keep a close eye on things and hold your contractors accountable. I like to have my team check on our projects, at the minimum, weekly without a scheduled time. You want to know how that project’s going when you’re not there!

In addition, you’ll want to take 100 or more photos when you or your team do check-ins. This is part of your quality control process. Drop these photos in a Dropbox with the date so you can reference these later if you run into any issues.

Renovations can get messy and complicated. Slowing down, planning ahead for your SOW and finishes, and staying on top of quality control contributes to keeping the fires you have to fight down!

Remember that it’s not IF you’ll run into issues, but WHEN. These are things every flipper will go through. Those will become the tips and lessons you’ll carry over to your next project.

And if you feel you adding a network of experienced flippers to your toolbox could help… Just click here and see if my support group is a good fit for you.

I’d love to hear what your best tips are! Share a story on Instagram and tag me… You never know who needs the wisdom you’ve gained along the way…

That's it for this edition of Tarl's Weekly Insights! Stay tuned for more each week!

Talk Soon,

Tarl Yarber