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Real Estate Rookie

Renovations 101: Estimating Costs, Working with Contractors, & Managing Rehabs

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!
51:16

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Podcast summary created with Snipd AI

Quick takeaways

  • Establishing a comprehensive scope of work is crucial for aligning contractor expectations and avoiding costly misunderstandings during renovations.
  • Building a strong network of reliable contractors through local events and social media can drastically improve project outcomes and reduce the learning curve for new investors.

Deep dives

Understanding the Rehab Process

The rehab process is crucial in real estate flipping, and it involves several key stages from acquisition to final sale. Once a property is under contract, acquiring detailed information such as pictures, preliminary floor plans, and local comps helps project managers assess its potential value and necessary repairs. Communication between acquisition and project management teams is vital to ensure that any changes in costs, such as construction price increases, do not lead to mismatched expectations. Streamlining the integration of information from these two areas can significantly improve the outcome of a rehab project.

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