July 28, 2018

Episode 6: How We Manage The Property Rehab Process

Podcast Page Episode 6

Today, Brian and John take us through their step-by-step process in rehab management. Part 2 of the Flipping Process series is about rehabbinging properties for both renting and flipping. Listen as our hosts share details of their flipping experience and what they’ve learned in the process. Get their tips on finding and dealing with contractors.

Comment below and let us know what you think about today's episode and don't forget to rate us on iTunes!

This Episode is Sponsored by

Core Rentals Logo

Core Rentals offers full service, residential property management in Columbus, Ohio and surrounding areas. They are equipped to handle single-family and multi-family homes. Visit CoreRentalsOhio.com today to have the day-to-day operations of your rental property handled by professionals.

Covered Topics:

  • Property Rehab Management
  • Flipping Experience
  • Finding the Right Contractors
  • Creating “The Scope of Work”

Show Notes:

00:39 – Brian and John’s latest work

04:43 – Today’s Episode: Flipping Process Part 2 of 3

          - Last week was about the acquisitions & sales portion

          - This week: rehab management

05:58 – Brian and John has done 100 Flips

          - Evaluation prior to process

          - Brian’s work after a purchase

07:23 – Brian’s 8 years of flipping experience

          - Unexpected things coming up

          - Going over budget

          - Put a contingency fund into your budget

          - Finding honest contractors

          - Look for people who can do the job quickly, with high quality, and with a good price

12:36 – Credit account at Lowes for materials needed by contractors

          - John shares about the trouble with dishonest contractors

          - Have a few trusted contractors

16:08 – Why you need to take it slow when starting with new contractors

17:52 – Diligence is key to ensuring you’re not getting ripped off

18:08 – John shares an ancillary story on a contractor they have

19:39 – Creating “The Scope of Work”

          - Giving the sku of the products to the contractor

          - Sku's save time on both ends

          - Hidden things MAY come up while working on a property

          - Demolition/Getting rid of things

          - Electrician & plumber’s work

          - Make sure to check out if the contract is hitting milestones

          - Go through a punch list

Topic Takeaways

  • Minimize stress as much as you can when doing rehab management over a property.
  • Finding the right contractor who is honest and has integrity is paramount.
  • Be diligent in checking in with your contractor’s work — some may just rip you off.

Tweetable Quotes

“When you get into a property, there’s always things that come up.” (Tweet This!)

“Finding good contractors that are honest and have integrity is almost more important than their skill level.” (Tweet This!)

“We require any contractors that do work for us that they need to have contractors’ insurance that names us as an insured party.”  (Tweet This!)

Brian Rightler John Horner Core Developements

Welcome to the Take Action Real Estate Podcast! 

Our hosts, Brian and John, created Take Action Real Estate: the website, podcast, and blogs to help YOU. We want to share our experiences and knowledge and help you get started without making the same mistakes we did.

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