Let us tell you how…

One of the most important documents you need is s Property Repair Estimate Sheet.  A properly done one will include a list of all of the major items (roof, hvac, kitchen, paint, flooring…) as well as cost estimates for each item.  You should complete one of these during your initial visit of every house you look at. We usually call this your initial walk through.  This form is going to give you 2 important benefits; save you time and give you confidence.

Saving Time

Saving Time

Many rehabbers waste time looking into every dark corner of the house during their initial walk-through.  They may spend hours measuring and documenting every detail to come up with the best estimate possible.  This can be a tremendous waste of time especially since there is a good Click here to see our list of houses not to buy.

With a good Property Repair Estimate Sheet you should be able to complete your initial inspection in 15-30 minutes.  The goal is to get a rough estimate (within $5,000) so that you can make an offer.  Simply checking whether the repair is needed and including the corresponding amounts will allow you to total the necessary costs in a few short minutes.  Anything beyond that is a waste of time.  If you have a tried and true system in place, steps that you follow for every rehab, then you will not spend unnecessary time on issues and will have a turn-key process. It will mean every rehab is done consistently.

Providing Confidence

Having a list of what actually needs to be done to the property will give you confidence that you aren’t overlooking anything. By referring to your list, you will make sure that no major items are missed.  It is easy to be distracted by something odd in a house and forget to check out every other area.  By referring to your Property Repair Estimate Sheet, you can be confident that you have reasonably captured all items.  The cost of overlooking a missing air-conditioner, damaged roof or cracked foundation is way too high to rely on your memory.

Also with a system in place it will help to build your confidence that you haven’t overlooked any repairs. You will know how much a kitchen over haul costs so when a contractor over bids you have the confidence to speak up about it. Remember, knowledge is power.

The essential thing to remember is that systems work.  Having good systems in place will make sure everything is done in the most financially sound and cost-efficient way. In the end, systems are what will save part-time real estate investors time and money by preventing costly mistakes.

To learn more about Part-Time REI visit us at http://part-timerei.com/

Or connect with us  

First and foremost educate yourself. Education plus action is the key. Part-Time REI has a Flipping University to help you get started. Our team is also big promoters of mentoring. We believe it is the secret to success. Get connected with the right people. Mentoring is how people who are great at what they do learned, and it’s how our team learned. It has been said that experience is the best teacher.  But what we suggest is why spend valuable time reinventing the wheel? Part of our Flipping Houses University series talks about learning from others mistakes and the value of time.  Instead, if you learn from those who have been successful before you, you become more successful much faster.

Secondly, have a tried and true system in place with steps that you follow for every rehab, then you will not spend unnecessary time on issues and will have a turn-key process. It will mean every rehab is done consistently.  Also with a system in place it will help to build your confidence that you haven’t overlooked any repairs. Once you have a system that includes a Property Repair Estimate Sheet you will know how much the repairs should cost. Having a list of what actually needs to be done to the property will give you confidence that you aren’t overlooking anything. By referring to your list, you will make sure that no major items are missed.  It is easy to be distracted by something odd in a house and forget to check out every other area.  By referring to your Property Repair Estimate Sheet, you can be confident that you have reasonably captured all items.  The cost of overlooking a missing air-conditioner, damaged roof or cracked foundation is way too high to rely on your memory.

The essential thing to remember is that systems work.  Having good systems in place will make sure everything is done in the most financially sound and cost-efficient way. In the end, systems are what will save part-time real estate investors time and money by preventing costly mistakes.

To learn more about Part-Time REI visit us at http://part-timerei.com/

Or connect with us  

The 7 Steps to Every Rehab

To learn more about Part-Time REI visit us at http://part-timerei.com/

Or connect with us