Developer · Riga, Latvia | Switzerland | Florida · Member since 2026 · 87 posts · 16 votes
Hi everyone, and happy Tuesday!
Here's a question I keep coming back to since my family decided to relocate to Florida.
In most rehab stories somebody loses. The investor goes over budget and waits for months. The crew argues about money. The buyer moves in and finds the problems nobody fixed. And the margin keeps shrinking: according to ATTOM, the typical flip return fell from 29.6% to 25.4% in a year, with about 165 days per flip.
But I've seen the opposite too. Jobs where the crew got paid fast and stayed motivated, the owner knew every number before the work started, the job finished on time, and the owners were genuinely happy with the result. When that happens, everybody wins, and so does the return.
So what does it take to get there in Tampa Bay?
What's the one thing that made your smoothest rehab go smoothly?
What keeps a good crew loyal and fast without paying top dollar?
What do buyers or tenants notice most after they move in, the thing that makes them glad they chose your property?
I have my own answer from 15 years in construction, and I'll share it once I hear yours :)
As promised, here's where I'm coming from, and a few questions for you :)
After 15 years in construction, I'm sure a rehab where nobody loses is possible. But I'd rather hear how it really goes for you:
Has a contractor ever just walked off your job? How long did it take to find someone new?
Ever been quoted $3,000 just to replace a sink?
Need a wall painted and nobody to do it this week?
You want it fast, done right and at a fair price. Which of the three is hardest to get here?
And if you had one app for your rehabs, what would you want it to do for you?
We're building a service where there's always someone ready to do the work, at a fair price, and where everyone sees the same picture. It will be in the App Store soon, and your answers will help us make it right for this market.
Thank you to everyone reading this thread! Here's a quick story from one of our jobs in Switzerland. An old plug in the wall had rusted and simply broke off. We started calling plumbing companies right away, and the answer was always the same: CHF 1,500 to 1,800 (Swiss francs), and the earliest anyone could come was about a week later. A week without water. In Tampa Bay, if a pipe fails in the middle of a rehab, how fast can you actually get a plumber on site? Have a great day!
I think it's absolutely possible, but in my experience the smoothest rehabs have one thing in common:
The problems are identified before closing, not during construction.
The projects that go sideways usually don't fail because of paint colors or material choices. They fail because someone underestimated the scope, the timeline, or the budget.
The best projects I've seen had a detailed plan going in:
Clear scope of work
Realistic budget with contingency
Reliable contractor expectations
Defined timeline
Exit strategy that still works if things take longer than expected
As for keeping a good crew loyal, I don't think it's always about paying the highest rates.
Good crews want consistency. They want clear communication, quick decisions, accurate scopes, and getting paid when they were told they'd get paid. A contractor who knows they're walking into a well-organized project will often prioritize that relationship over chasing the next highest bid.
On the buyer side, it's usually not the flashy upgrades that get remembered.
It's the things that don't become problems after move-in.
Doors that close properly
HVAC that works
No plumbing surprises
Good lighting
Functional kitchens and bathrooms
Quality workmanship
Buyers may fall in love with the countertops during the showing, but they're still talking about the leaky shower six months later if it wasn't done right.
From a lender's perspective, the projects where everyone wins are the ones where expectations are realistic from day one. The investor makes a fair profit, the contractor gets paid as agreed, and the buyer ends up with a home that doesn't immediately need another renovation.
The funny thing is those projects rarely feel exciting. They're usually the result of boring things done consistently well: good planning, good communication, and conservative numbers. That's what I've seen create the best outcomes for everyone involved.
@Juan Hasbun Thank you, Juan! It's great to hear this from a Florida lender. "Problems identified before closing, not during construction" is the whole game. And I love your line about boring things done consistently well. That's how our paid projects in Switzerland run: the scope and the price are set before the first wall opens, and each stage is checked and accepted before it's paid. On contingency we come at it from a slightly different side: instead of a percentage on top, the likely hidden work gets its own priced line upfront, so the investor sees the real number before closing. From the deals you fund in Florida, which hidden item do investors miss most often before closing: plumbing, roof, electrical or permits? Have a great evening!
@Vladimirs Veiss Appreciate that perspective. I like the idea of pricing likely hidden items separately rather than just adding a blanket contingency. It creates a much clearer picture of the true cost going in.
To answer your question, the biggest one I see in Florida is usually permits and unpermitted work. Plumbing, electrical, and roofing issues can often be identified during inspections, but additions, conversions, enclosed patios, and prior renovations done without permits have a way of surfacing later and affecting timelines, budgets, and sometimes even the exit strategy.
A close second would be plumbing, especially in older homes where cast iron drain lines look fine at first glance but become a major expense once they're scoped.
Appreciate the conversation. Wishing you continued success with your projects, and have a great evening as well.
@Juan Hasbun thank you, Juan, that's a really useful ranking! Permits and unpermitted work is the one I wouldn't have put first, and it makes sense: an enclosed patio that "was always there" can turn into a problem right when you try to exit. That sounds like the surprise to find before closing, not after. As a lender, do you see more investors asking for a permit history check upfront now, or does it usually come up only after the inspection flags something? I'll also send you a message, I'd love to continue the conversation. Thanks for the kind wishes, and have a great evening too!
P.S. And I mean this one :) After Switzerland, Americans feel like a breath of fresh air. In Switzerland it can take three meetings before someone even tells you their first name, and here people on this forum answer a stranger the same evening, with real advice. I love that, and I love America!
Thank you again, @Juan Hasbun! Your point about permits keeps coming back to me. In Latvia you can usually check a building's construction file online in the state system before you even call the seller, so an enclosed patio that was "always there" is much easier to spot. Is it the same in Tampa Bay? And a question for everyone: you find unpermitted work after the inspection, do you walk away or renegotiate? One word is enough :) Have a good Friday!