Real Estate Rookie Renovations 101: Estimating Costs, Working with Contractors, & Managing Rehabs
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Jan 8, 2025 Serena Norris, a seasoned real estate investor with over 200 deals under her belt, shares her invaluable insights on home renovations. She breaks down the entire rehab process from forming effective partnerships to estimating costs accurately. Listeners will learn about creating a detailed pricing sheet and managing contractor relations. Serena also reveals common mistakes to avoid and offers smart strategies for sourcing reliable contractors. This is a must-listen for anyone looking to streamline their renovation projects and maximize profits!
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Partnership Communication Breakdown
- Serena's team initially struggled with segregating acquisition and post-acquisition processes.
- This caused discrepancies in construction cost estimations, impacting project profitability.
Building a Pricing Sheet
- Leverage your network to understand labor costs in new markets.
- Ask for feedback on your estimations from experienced investors.
Sourcing Contractors
- Source contractors via networking groups, Facebook, or by shadowing experienced flippers.
- Offer value in exchange for access to their project information and invoices.