Hello, BiggerPockets community! I’m pretty darn excited to start working on a huge new rehab and get to share the journey with y’all. (Yes, I’m from Texas, and we say “y’all down here!)
This is a huge project, definitely not for the rookie investor or someone scared of a giant rehab. Still, the strategies used will serve as valuable lessons to those looking to start out in this niche. We will be touching every part of this house over the next few months and hopefully transforming it back to the historic masterpiece it once was.
Related: The Simple 6-Step Process for Estimating Rehab Costs
Obviously, this is on the extreme side of flipping (foundation, roof, lots of structural work, etc.), but I have completed quite a few rehabs with similar scope because returns can be better and you don’t deal with any quality issues or repairing something that may be on its last leg.
I’ll be going through my entire rehab process in the next few videos. This includes:
- Analyzing a deal
- Creating a floorplan
- Working with contractors/managing a project
- Marketing & selling a property/working with a real estate agent
- Creating systems/workflow optimization
- Summary of rehab/final walkthrough
- At the closing table/taking a deal from under contract to close
It’s going to be a great journey, and I hope you’re along for the ride!
How to Estimate Rehab Costs!
Estimating rehab costs accurately can make or break your real estate business, and it takes years of experience for even the best rehabbers to master the art. However, you can expose yourself to less risk and get more accurate with your projections by learning how the pros think when estimating construction costs.
Check Out Episode 1: Analyzing the Deal
Any questions or comments about this deal?
Leave a comment below!