Starting 3rd Rehab
I finished up my 2nd rehab (1st rental) and I'm jumping right into my 3rd rehab which will be a rental as well. I decided that sitting on the sidelines trying to learn everything wasn't working for me so I decided to go cautiously full steam ahead. I am making some mistakes but nothing (so far) that will sink my ship......learning as I go :)
here are some before pictures
Things I did better on this one that I didn't do on my 2nd.
Didn't go for low-bid contractors. That bit me pretty badly the 2nd rehab. This guy did my 1st rehab and I've known others that have used him.
I did a better job of estimating, although I was still off some. I have now decided to be a lot more conservative and add some fluff and estimate high.
I did not trust wholesaler's estimate of rehab. With rentals you can get complete opposite spectrums of rehab quality. Most wholesalers will estimate low to make their deal look better.
Strong contract with penalities for being late. It was actually a SOW I got of fileplace, I think from JScott
Things I should have done better (so far)
Underestimated HVAC repair. I don't know what I was thinking on this. It has an OLD inside unit...anyone ever seen an HVAC made by Chrysler? I estimated a repair instead of a complete replacement. I won't do that again.
didn't have contractors lined up to hit the ground running. This was due to me changing my mind on some low bid contractors. I decided to go with some one I trusted instead. After my last one, I couldn't go through that stress again. That alone is worth a few thousand $$ to me at this point. I lost a few days on getting that lined up but nothing too big.
So far that is it.
Wish me luck :)