My first rehab (sorta kinda)
Well, I'm finally into my first rehab. Its not my money that purchased the property and I have no equitable interest in the property but I'm doing the rehab. I've teamed up with a local investor who has flipped some properties in the past and I'm learning a good amount.
My duties right now mostly involve much of the labor needed to do the work. I have reroofed a garage, demoed plaster and lath, a bathroom, kitchen, bedrooms, porch windows, and stairs. I'll be doing more work with siding, possibly drywall, hopefully finish work etc.
I did have the opportunity to follow him to a meeting with a potential seller as well. It was very interesting seeing how much simple paper work makes one seem professional and knowledgeable. We had a brief break down of the money the seller would actually walk away with were they to list with a seller versus going with us and it was fun to see the gears turning in the sellers head.
Since I formed an LLC for the purpose of this business I'm also learning the ropes of running the business. Accounting is something I somewhat understand now thanks to PrinciplesOfAccounting.com . Its been a great resource and although I'm just a quarter of the way through I'm getting a lot of great information.
Looking forward this rehab is opening new doors and is my first profitable step into investing, FINALLY! I'm taking plenty of progress shots and I should have a good portfolio of before and after.
Probably the biggest thing I've learned yet is that I'm too hard on myself. I've let fear take over my mindset too much and I've seen that even this active investor doesn't have everything figured out and thats okay. I need to be okay with that as well.
I look forward updating on the progress of the rehab.