Rehabbing a property is a challenge, but with the right mindset and strategies, you can overcome any obstacle. In this newsletter, I’m going to give you 4 of my best rehab stage tips that will help your projects make it to the finish line without putting you through the wringer.
Announcements:
A reminder to all members of Flippers Anonymous to register ASAP for our upcoming meetup! The event link is inside the private Facebook group and Kajabi!
June 14th and 15th, join us in Austin, TX for a two day meetup with fun group activities, networking & business building.
Not a Flippers Anonymous member? Take advantage of hanging out with experienced real estate investors and myself. Sign up to join us next month!
(If you’ve been on the fences, email us at [email protected] I’d love to hear what’s holding you back!)
Inside the Trenches
The Rehab Stage!
Rehabbing a property has the same challenges and pitfalls for every person and business that tries to tackle rehabbing a messed-up property.
Yet, why do some investors seem to handle rehabs so well and others seem to be pouring gasoline on a fire and wonder why it’s getting hotter?
As much as we do not like to admit it, or accept it, construction is a massive component to real estate investing especially when flipping houses.
I, for one, have never enjoyed the rehab stage of a property, but I hate losing money even more. Lean into the rehabs, and if you hate it like I do, then do what I did…
Do everything you can to process everything out and outsource it to other people so that you don’t have to be bothered with it quite as much. Otherwise, accept your fate. Just remember, there is a HUGE difference between abdication (ie assigning to someone and then ignoring it) and delegation (ie holding people accountable to it).
Some thoughts on rehab for the house flipper:
- Trust but verify. Trust your contractors, they are not your enemy. That said, verify everything. Especially before you pay them. Even the best contractors miss things, and once you pay someone then you lose the only leverage and protection you have.
- Hiring a project manager will not solve your problems. You cannot ignore your rehab and pass it off to someone else with no oversight. Finding a solid project manager that understands exactly what you want for your business, and delivers all your expectations, is extremely difficult to find.
- Software helps with project management, but only if you use it. If you don’t have one yet, find one simple enough to keep your projects on track.
- You cannot scale your real estate business if you DIY it all. If you are swinging a hammer and wonder why you cannot scale and grow, you might want to look at what you are holding.
Rehab is a constant work in progress. Something new always seems to come up and there already seems to be something on fire. The more we ACCEPT our fate, the less stress and anxiety we will have in regard to managing rehabs (especially multiple projects at a time).
Want less stress? Stop expecting everything to go right on your jobs. Deal with what is, not with what isn’t.
Talk soon,
Tarl
