What could go wrong in BRRR

[Mike Bloom]

hey I am a newbie, I wanna know what could go wrong in the Renovate (R) step on BRRR, Most people I talked to and read about have horrible stories, what steps should I take so that I dont get screwed. How do I renovate property properly

[Scott E.]

Here are some things that can (and many will) go wrong during the Renovate (R) step on BRRRR.

  -You will spend 10-20% more than you and your contractor think you will spend on the remodel

  -You will take weeks or even months longer than you and your contractor think you will on the remodel

  -If you don't have any design experience, your home will not turn out as attractive as it can be unless you hire a designer or ask the opinion of some real estate agents for finish feedback (think flooring, cabinets, countertops, paint color, etc)

 -When you open up walls for any reason, you will almost certainly discover something you didn't know would be there (old plumbing lines, signs of mold, rotted framing, corrosion of sewer connections, unsafe wiring, etc)

-Materials will take longer to get to you than you think (due to ongoing supply chain issues). Order things like flooring, cabinets, appliances, and windows VERY early on in the process to ensure they arrive on time.

-If any architect, draftsman, engineering, or permitting work is needed on that renovation, this will likely cause delays 2x what they used to be. There are just not enough people out there to handle the demand, which is causing longer than usual delays with this phase.

Hope this helps.