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1. New Investor Mistake #3
Good morning my friend! Zack here with New Investor Mistake # 3.
Money is either made or lost during the renovation phase. Even after 804
real estate transactions and counting I struggle, at times, with the rehab
phase.
So, New Investor Mistake #3 is:
Not Preparing For The Rehab Phase
1] Create a detailed Scope of Work clearly explaining everything you want
done to the property. It is not sufficient to say "Drywall where needed".
Instead it should say "Drywall north wall in rear
bedroom, 3rd floor". Be detailed so there is no
confusion as to what you meant.
2] Walk contractor through with your detailed
Scope of Work so you both understand what will
take place. This is a great time to point things out
to your contractor and its also a great time for your
contractor to point things out to you.
3] Get everything in writing. Don't ever start a project without a written
Independent Contractor Agreement. As a client of ours, these are provided
to you, free of charge.
4] Watch your project closely. You should be on the jobsite at least twice per
week. On your off days you should contact your contractor by phone to
make sure everything is going as planned. The second you stop showing up
and calling is the second your project will stop. Be diligent about this. You
will want to make sure your contractor is following a logical rehab
progression. 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 / Landscaping
While rehabbing properties is never easy, and unfortunately will probably
never 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 as
always I wish you the best of luck in all of your endeavors. If you are not yet
a client of ours log on now and watch our free Introduction Video where you
will 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 estate
opportunity found anywhere.
PA Deals, LLC