Smart Real Estate Coaching: Who’s Running the Renovation? – Strategic Real Estate Coach

From meh to magnificent, pay attention to some wise real estate coaching advice about handling renovations.

You followed the sound real estate coaching advice you got about purchases. That’s great. Your bid has been accepted and you are now the proud owner of a property. You’re hoping you’ll only be the owner of the property for a brief moment in time because after the renovations this house will be sure to sell.

Renovations, the time between purchase and resell, it is an important step in the process. The first step you will want to consider is finding a full-time Renovation Manager to handle this part of the flip for you. You need someone who’s experienced in the world of renovations, budgets, materials, and all the work necessary to turn a house from “meh” to “MAGNIFICENT!” so you can swap that For Sale sign for one that says SOLD.

The project manager will take care of the steps involved in every successful flip:

1. Demo: New locks installed, utilities transferred, secure the house and get a dumpster. Then decide what will stay and what will be torn out and thrown into said dumpster. Then the fun begins with tearing out walls, cabinets and flooring.

2. Mechanicals: Here is one of the big parts of the rehab – the plumbing and electrical systems. The walls have been taken out and now you see what needs to be replaced.

3. Walls: Once the mechanicals have been repaired and replaced, the next step is repairing the walls that have been either removed completely or that need patching and fixing.

4. Paint: Walls are completed, now it is time to paint them.

5. Installations: Everything that was moved or tossed is now replaced. This may be the fastest part of the whole rehab.

6. Flooring and final touches: With everything complete and in place, now is the time to get the floor replaced since there is no chance of spilling paint or scratching the finish. Finishing touches can range from window treatments to power-washing the exterior.

The list is pretty standard for any flip and even though you can count all the steps on six fingers, don’t be deceived into thinking it’s a piece of cake to get it all done. Doing it right involves a tremendous amount of work. Between details, costs, and schedules, this phase of the flip is best handled by a pro.

How do you reimburse someone who does this job for you? You want to budget at least 15% to 30% of your rehab budget to pay your Renovation Manager. On a renovation budget of $30,000 you are looking at paying $4,500 to $9,000 for one job… money well spent when the result is quality work.

Hire a Renovation Manager to handle the entire process and save you the time and stress that comes with rehabbing your investment properties. By the time you’re running multiple simultaneous flips, you’ll count this team member one of the best investments you’ve ever made.

Launch a house flipping business on your own, without getting real estate coaching, and you’re guaranteed a long, steep, expensive learning curve. You might find yourself bruised and bloody (and demolition alone is not nearly as fun as it looks on TV), figuratively and literally.

It’s a much smarter plan to build a team of people who know what they’re doing, to make sure every step of your strategy is done right. They say it’s smart if you learn from your mistakes, but it’s smarter if you learn from someone else’s mistakes. That’s the point of getting a coach. You learn what actually works, right now, and cut your learning curve so you make more money, faster. Take a look at the real estate coaching program from Strategic Real Estate Coach, and be daring!