I'm looking for some great articles or blogs for my Project Coordinators to use in training foreman, crew, and sub contractors about rehabbing with a flippers mindset.
Can anyone point me to some good materials on this subject? or even add some good comments below in this thread if you have some.
I'm an experienced full time investor with a lot of flips, wholesales, etc. under my belt. With a growing company, my role is CEO these days so I'm building a training set of materials for my Project Coordinators and Construction crews since I'm not on site much at all these days to give this type of guidance in person to our crews.
I'm finding a lot of good info. on Bigger Pockets and elsewhere about finding and hiring good contractors, managing contracts and scope of work etc.
What I'm not finding are articles about the economical & profit focused mind set need for good day to day decision making by the crews and foreman on site. Topics like:
- Just "how deep do you dig" looking for problems that may or may not be there to fix?
- Day to day rehab decisions based on weather the market will pay enough for that upgrade for it to add value above cost VS what home inspector may say "well that's fine, safe, & legal to leave that, but it would be better to upgrade it to something more modern."
- How to talk to inspectors to find the "least expensive, legal, and appropriate" fix to a problem VS "the best and very likely most expensive" way to fix something
- Same thing with Subs. How to talk to sub contractors to find the "least expensive, legal, safe, and appropriate" fix to a problem VS "the best and likely most expensive" way to fix something.
- Where is speed the priority to haul buns and get things done fast with hold costs in mind and were do you need to slow down to get the finish work right so it shows quality attention to detail and doesn't have to be fixed or re-done later?
Having a good scope of work and proper monitoring of contractors following the plan and staying on budget is essential but only provides the outline for the expected not the daily unexpected that's the reality of rehabbing. I know my Project Coordinator understands all of this well. Things still come up day to day on sight with Foreman, crew leads, and even anyone on the crew showing that the entire team needs to "get it" all day every day. Situations come up daily when the Project Coordinator and CEO aren't around to make instant on the spot decisions. I've found some crew members "get it" when it comes to the daily mindset needed for rehabbing for a fix and flipper VS rehabbing for a homeowner with deep pockets that will be thrilled to hear. "Oh, you know what would look really good there. We could add this whole thing there. It would be expensive and way better than what you have but man would it look good." As flippers, we only want to hear those ideas when the "cool idea" is something that the comps and standard of the neighborhood show us proof that we can depend on that upgrade earning us its cost, plus profit back."
Who can point me to some good materials on these subject so I can get some good training in the hands of my crew?
I'm sure there's a lot more wisdom out there that what I can write up on my own so I'd love to leverage that.
Uh Oh, crickets chirping for the only replies. This must be a harder topic to find info. on than I thought?
@David Billings I’ve built my own. I find that mindset with crews doesn’t work, it stops at the foreman, the rest will simply follows. For subs, you can’t tell them what to do, you need to be more detailed on scope but that’s it. Articles? Doesn’t exist, if they do, workers are too lazy to absorb it, they are tradesperson for a reason.
Thanks Manolo D. I think you're right on target. I'm going to write what I'm after myself.
You're also right that it's all about having the Foreman on board and the rest will follow.
Thanks for the reply. Good points.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing