How do you save money on rehabbing properties

How do you save money on rehabbing properties

Flipper/Rehabber · Indianapolis, IN · Member since 2018 · 24 posts · 14 votes

I wanted to start a discussion on how you save money on rehab projects.    I do a lot of on-line shopping at houzz and Amazon.   

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Kuba F.Pro Member
Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
7y

Showing up in person at your different suppliers and going through their clearance and scratch and dent stuff takes time but will save you tons.

For counters I almost exclusively use remnants and negotiate to get them for pennies on the dollar.

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  • Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
    7y

    @Allen Phelps

    I do AirBNB and I live near a college. The best way to get free furniture is to wait until the end of the semester. Students throw away brand new stuff all the time. Craigslist, go to the ‘materials’ section, sometimes you’ll find bulk drywall or other building some dude is trying to get rid of.

  • Kuba F.Pro Member
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
    7y

    Showing up in person at your different suppliers and going through their clearance and scratch and dent stuff takes time but will save you tons.

    For counters I almost exclusively use remnants and negotiate to get them for pennies on the dollar.

  • Flipper/Rehabber · Indianapolis, IN · Member since 2018 · 24 posts · 14 votes
    7y

    I have done both of those before too.  Bathrooms are really good for remnants.  

    Thanks for posting.

  • Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
    7y
    @Allen Phelps I feel the best way to save money is to know your target audience and be aware of your property price point. Over-renoating is the number 1 budget killer.
  • Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    7y

    Wait for closeouts at the big box retailers. Also consider buying in bulk if you know you will need that item in the near future. 

  • Flipper/Rehabber · Mesa, AZ · Member since 2018 · 4 posts · 2 votes
    7y
    Places around me like "Stardust" or "Re-store". Repurposed or new overstock items on everything that goes Into a house https://stardustbuilding.org/ https://habitatcaz.org/
  • Flipper · Fort Myers, FL · Member since 2017 · 182 posts · 98 votes
    7y
    Buy in bulk and getting tons of discount coupon. Use the sub contractor to reduce the cost. Don't overkill on the rehab.
  • Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
    7y
    @Allen Phelps 1. Use same paint color, flooring, cabinets etc on every project. Enables bulk buying and saves on turnover costs 2. Less is better, avoid extravagance 3. Most important....make your money on the buy....not the sell....means buy smart!!
  • Flipper/Rehabber · Indianapolis, IN · Member since 2018 · 24 posts · 14 votes
    7y

    Thanks for all the replies.  Good information. 

    We open business accounts under our LLC wherever we can as this gets us contractor discounts. Some we even get wholesale pricing.

  • Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
    7y

    The first step is not over-rehabbing a project.  People get wound up in the tear-out phase and go down to the framing when it wasn't really necessary.  Now they're responsible for code upgrades that could have been avoided by not tearing out the lathe and plaster to put up drywall when it could have just been re-textured and painted or just covered in your Chip and Joanna shiplap right on top of it.

  • Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    @Allen Phelps best way to save money I’ve found is doing it myself

  • Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
    7y
    Originally posted by @Mark Fries:
    @Allen Phelps

    1. Use same paint color, flooring, cabinets etc on every project. Enables bulk buying and saves on turnover costs 2. Less is better, avoid extravagance 3. Most important....make your money on the buy....not the sell....means buy smart!!

     What type of flooring did you lock in on?

  • Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
    7y
    @Terrell Garren Allure at Home depot, khaki oak color. Every property gets it. Replacing damaged planks easy with a heat gun and a drywall knife to pop it out.
  • Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
    7y
    @Terrell Garren Vinyl plank
  • Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
    7y
    Originally posted by @Mark Fries:
    @Terrell Garren

    Allure at Home depot, khaki oak color.

    Every property gets it. Replacing damaged planks easy with a heat gun and a drywall knife to pop it out.

     Thanks. I used Lowes Project Source wood laminate .68/sq ft on 16 houses.  Low cost, looks very good and durability are pros. Cons are expansion/contraction and damage from moisture.  I used Allure vinyl plank $1.20/sq ft from Home Depot on last 2 houses.  Goes down easy and seems near indestructible; however, does not look as good as wood laminate and you can feel any imperfections in the subfloor.   I guess I will stick with vinyl plank given the replacement process you mention.  Certainly cannot do that with my wood laminate.  BTW, I started using peal and stick vinyl groutable tile in bathrooms. Man, that stuff is low cost, goes down so easy and looks ok. I don't think I will every lay another backer board or mix thinset the rest of my life. 

  • Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
    7y
    @Terrell Garren I agree 100% I'm so done with backer board and ceramic tile I can't stand it... This might sound crazy but in one bathroom that was a 36" shower pan I took sheets of 4 by 8 Hardie board with the wood grain and I installed it vertical and I sealed everything good with polyurethane caulk and I painted it with oil based paint....flawless...water just beads up and looks seamless... Total cost, 156 bucks and about 5 hours labor and I got a functioning shower that is virtually indestructable...
  • Investor · Pittsburgh, PA · Member since 2018 · 40 posts · 18 votes
    7y

    @Allen Phelps we shop bargains all the time. Snagged a $783 light fixture for $45 at local Restore—same with tile, trim, flooring. ;)

  • Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
    7y

    I visit the clearance section of any/all stores for lighting, appliances, flooring. Recently found LED trims for recessed light cans. Normally $10 they were on clearance for just over $2. I bought 40 of them. Just picked up flooring for my current project under $1/sf for grey tile. 30" grey vanity was a Black Friday deal at $150. There is a 36" wide counter depth stainless fridge at my local store. Normally $1300, special but to $1100 and they have the floor model at $900. Trying to get a coupon and snag it for even cheaper.

  • Accountant · Jacksonville, FL · Member since 2016 · 52 posts · 24 votes
    7y
    @Mark Fries Hi Mark, what paint color do you use to match this floor? Thanks in advance
  • Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    7y
    @Mark Fries does sound crazy. When that paint chips/peels that cement board will soak water.
  • Flipper/Rehabber · Indianapolis, IN · Member since 2018 · 24 posts · 14 votes
    7y

    We have a thrift store near us, but I can't ever seem to time it when they have things we need. 

  • Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
    7y
    @Joshua Schoer I actually use white semi gloss for all my walls and trim.
  • Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
    7y
    @Max T. 3 years strong..no chips. Used some thick kitchen cabinet epoxy paint. Eventually yes it will fail but a sheet of Hardie board is only like 26 bucks. I just did it as a test run thing I don't do this to all my homes.
  • Rental Property Investor · Evansville, IN · Member since 2018 · 62 posts · 53 votes
    7y
    Lowe's commercial card 5% off every purchase to start . Buy all you can at a local resale shop . Toilets don't go bad just the inner workings of it like the flap and float . Toilets are clean and cost 15 bucks rebuild kit is 20 . Boom saved a 100 bucks . Also being able to do your own plumbing and basic electric are huge . I've found those are the two highest cost contractors . I hire out everything else .
  • Investor · Pittsburgh, PA · Member since 2018 · 40 posts · 18 votes
    7y

    @Allen Phelps we tend to shop at Lowes for pretty much everything except specialty windows. We have a 10% discount (military) that is assigned to our cars and the. I work with pro services people to get costs together. They can rub a QSP (quote savings plan) and it can save as high as 17% on top of sales. I don’t stick the the same paint color and scheme with every house—Boring as heck. Each house is its our deal—and I make it as functional as possible for future families. Women notice things like that—super pretty and functional kitchen, laundry area, entry way (where kids drop their stuff). It’s things like this that has caused clients to flock to us for redesigns/renovations.

    I also shop FB market place and have developed a relationship with thrift stores so they will literally call me if it’s something they thing I’ll use. And we are in the process of snagging a warehouse so we can keep inventory of deals on hand.

    I also build things into my design that I use as selling points—mold resistant/hypoallergenic, easy to clean etc. I’m a woman and take creating homes for other mothers with kids very seriously and it is because of this that people know, like and trust me and have paid more to work with me than other people....the human factor is something I see many real estate peeps ignore and rather focus just on the dollar. That’s a huge mistake, in my opinion.

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