Renovations 101: Estimating Costs, Working with Contractors, & Managing Rehabs
Description
Fixing up a distressed property might be the BEST way to add value, whether you’re looking to flip houses, BRRRR (buy, rehab, rent, refinance, repeat), or charge higher rents. But to avoid losing money, you’ve got to know what you’re doing! Today’s guest is an expert in home renovations, and in this episode, she’ll walk you through the entire process!
Welcome back to the Real Estate Rookie podcast! Investor Serena Norris has done over 200 deals (including more than 130 flips) in just TEN years, so she knows a thing or two about home improvements! Today, she will show you how to complete a rehab project, step-by-step. You’ll learn about everything from forming partnerships and analyzing rentals to creating a pricing sheet in a new market, building a scope of work, and effectively managing your contractors.
Whether it’s your first time managing construction or you’re looking for systems and processes that will help your jobs run smoothly, you don’t want to miss this renovation masterclass. Serena offers plenty of nuggets that will help you finish your projects on time AND on budget!
In This Episode We Cover:
Serena’s BEST renovation tips, tricks, and hacks (learned from 130+ flips!)
How to manage a home renovation project from start to finish
How to divvy up responsibilities in a real estate investing partnership
Building your pricing sheet when diving into a new market
How to estimate rehab costs and create your own scope of work
The two most common mistakes new investors make on rehab projects
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Grab “The Book on Estimating Rehab Costs”
Find an Investor-Friendly Agent in Your Area
Real Estate Rookie 488 – How I’m Flipping 12 Houses (at Once!) All While Traveling
(00:00 ) Intro
(00:50 ) Serena’s Portfolio & Partnerships
(07:23 ) Building Your Pricing Sheet
(15:55 ) Creating a Scope of Work
(25:24 ) Working with Contractors
(34:08 ) How to Manage Rehab Projects
(43:47 ) Connect with Serena!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-507
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices
United States
