best ways to save money on rehabs

9 Replies

Hey everyone hows your day going? I am just looking for some ideas on how everyone saves the most money when it comes to rehabbing a house? Is there really a method to the madness or is it just shop till you find the lowest possible price?

Lowest possible price isn't always the best value and shoddy work IS noticeable. If you don't have any connections in the trades and can't save money by doing some of the work yourself then you may have to pay retail for a good contractor until you build a relationship, or roll the dice with someone off Craigslist. 

Have your Realtor send you a 10% discount coupon from Lowe's.  He/she can get it from www.lowesrealtorbenefits.com

@Jeremy Davis  hey Jeremy. I'm just into our 2nd rehab but. I have a GC who knows where the best prices are. He has been in business for 25 plus years and has relationships with all the big stores as well as the specialty stores. I let him do all the gettin. Have Fun. Tom 

903-452-8843

hey everyone, thanks for the replays so far! i have a 10% off for lows and home depot already for my military discount and i get an additional 5% off at home depot for having a contractor account with them.

i also already have connections with just about everyone in the business as far as contractors go, i even have some really awesome contractors have that agree to hourly rates along with others that are by the job.

I am mainly asking to see what tricks people use besides the normal ones to ensure I'm not missing out on anything and to make sure i am not stuck in a one lane mind set. its always good to ask others what they do and ensure times are not changing around me.

i honestly order a lot of my items online and have them shipped to the house and store them in the garage to have my contractors install them when they get there. i do spend a lot of time at the house waiting for delivery but i use that time to ensure all the work is being done to standard.

one thing i have been thinking about lately is hiring some guys from a "ready work" company to do all of my clean ups. but i have yet to do this one and am not sure i fully trust random guys who will accept 10$ a hour to do what ever jobs they can pick up that day...

i also have access to realtor direct flooring companies, and a discount painting company due to my va hook up. ill tell you what i have the hardest time finding deals on is cabinets and countertops... :/

Well, after you locate the best deals and use whatever discounts you can get your hands on, don't forget to pay for it with a cash back rewards credit card if you can :)

haha @Ted Eads you are 100% right and if there is one thing I'm not doing that surly is it.... see now ill have to go find a good one with 0% interest lol. thanks!

@Jeremy Davis  

 - One thing that you haven't mentioned is the cost of "time".  Every day that goes by costs you money in two ways.  1.  Carrying costs.  2.  Opportunity costs.  So, you want to finish the rehab as quickly as possible.

Originally posted by @Bryan L. :
@Jeremy Davis

- One thing that you haven't mentioned is the cost of "time". Every day that goes by costs you money in two ways. 1. Carrying costs. 2. Opportunity costs. So, you want to finish the rehab as quickly as possible.

Good point. And along the same line, saving money is nice but don't be obsessed with it to the point of spending an hour to save $10. Too many people do that, too. Remember, your time is valuable and needs to be spent where it will be most effective.

@Bryan L. you are 100% correct. that is a concept many people over look! i try to beat that aspect by listing my houses a little under value! As i am in the business to make money not hold onto houses! if i can list if 5K per ever 100K under value and sell it unless then a week with very little negotiation it is always worth my time. i know a lot of flippers don't agree with me on this topic but it is true! as a agent i show a lot of clients rehabbed houses and they are always the highest price in the neighborhood and the appraisal comes back short :/

@Walt Payne True statement but that is also why i am asking all of us on here. Its great to put multiple heads together as i am far from perfect and this is a great way to always double check myself!

@everyone thanks so much for posting in here and helping me!

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