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Rehabbing properties and managing contractors is a fast game. If you can’t figure out your head from your bottom, you will lose your shirt or worse yet your shirt will be ripped off your back while rehabbing your first house. First and foremost we must become experts at locating and prescreening contractors, quality mature adult contractors. If this is done right, the probability of the rest of your rehabbing project being a success increases ten-fold. When you work with competent people you are able to utilize your time and leverage your ability while rehabbing. To truly become an expert in real estate rehabbing one must have a reference point to every aspect of the house in order to manage the rehab effectively and efficiently. Having a reference point to find out essential knowledge, terms and definitions, contractor management, and most importantly labor and material cost will protect against bad and/or stupid decisions during the course of your real estate rehabbing career. Remember, the goal for us as successful real estate rehabbing investors is to understand and manage the rehab process, not to teach ourselves to install toilets so that you can save $50 in labor on each job. That’s right, by no means do I want people to do work themselves, I want them to understand how to do the work so they can manage others to make them money. Would Donald Trump be where he is today if he actually installed the toilets in his high rise development projects so he could save on some $$$ on labor cost, of course not. Donald Trump is smarter than that, so let’s hope you are too. You will not buy, renovate, and sell 100 properties a year by doing the job yourself to save a couple of bucks. The more rehabs you can manage, (notice the key word manage) the more money you will make. So let me ask you, do you want more money? Or do you want more work? Obviously more money, it’s all about working smarter not harder! In my first year we bought and sold 30 properties; the second year we multiplied that by two, plus some, and reached 70 projects. By our third year we had bought and sold 104 properties!! What was the change you ask? The change occurred with the creation of systems, working smarter not harder, understanding the three key components that we had to leverage in order to meet out goals. Understanding the value of time, utilizing each decision on rehabbing to leverage your money, and investing in continual education is the key to your real estate rehabbing success. |
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