Managing Rehab

Eight Ways to Find Contractors for Your Next Rehab

April 8, 2022 by Kyle Sennott Leave a Comment

Finding Contractor for Renovations, Rehabs, and Fix-and-Flips

Are you looking for reliable and affordable quality contractors for your next fix-and-flip? Let me be blunt: I hope you already have some reliable leads to explore. However, even an experienced rehabber might find herself at times without immediate access to a reliable crew. His or her regular crew might be busy with other projects, unwilling to travel to a certain location, or simply no longer available. What are the best venues to find a home improvement contractor in a bind? Here are at least eight ways.

Septic & Well: What to Know Before Purchasing Property

March 17, 2022 by Kyle Sennott Leave a Comment

Septic and Well: What to Expect When Purchasing an Investment Property — What should an investor watch for when purchasing properties with septic systems and private wells?

Before purchasing a house, smart investors look closely at the foundation, roof, siding, and mechanical systems like the furnace, water heater, and electricity. In the best scenarios, the building structure and mechanical systems have years of useful life ahead. In other scenarios, the house needs to be fixed or replaced.

Draw Schedule in Private Lending: How to Get It Right

November 15, 2021 by Kyle Sennott Leave a Comment

Draw Schedule in Private Lending: What Is It and How to Create It

Many private lenders base their loans on the after-repair value of the home. An efficient and orderly renovation process is essential to reaching that value. This is why private lenders often hold the construction budget in escrow. By releasing this budget to the borrower in a series of draws, they ensure that the renovations are indeed taking place. The document that governs that process is called a draw schedule.

In private lending, a draw schedule is an agreement between a borrower and a lender on how to manage construction reserves held by that lender. It documents:

What is the Scope of Work and Why You Need It?

May 26, 2020 by Kyle Sennott Leave a Comment

You might be a great networker capable of finding incredible real estate bargains. Still, without strong project management skills, you are bound to blow much of your potential profits. As a private lender, we see a consistent number of borrowers struggling to maintain control over their renovation process. However, you can avoid many issues by developing a roadmap for your renovation project early on. Such a roadmap is called a statement (or a scope) of work. A well-written scope of work is the foundation of your success as a real estate investor.

Managing Contractors: Four Principles for Success

May 4, 2020 by Kyle Sennott Leave a Comment

To be in real estate investing business, you need to have at least two major skills. First, you need to be a hustler. That means to be able to identify promising fix-and-flip opportunities and put them under contract at the right price. The second, and equally important skill, is being a project manager and having the tenacity to ensure that renovations are completed on time and within the budget. The key to this part is to know how to manage contractors so they meet your expectations. Managing contractors in a way that maximizes your profits and builds long-term relationships with good crews is our focus today.

How to Manage Renovations That Require Permits

August 12, 2019 by Kyle Sennott Leave a Comment

In our previous blogs, we discussed renovations projects that might require getting permits as well as the situations when you can get away rehabbing a property without them. Getting permits will almost inevitably slow you down. It will also add an extra layer of expenses to your budget. On the other hand, not getting permits when required increases your risk and, ultimately, your liability. A building inspector might not only halt your whole project until the right permits are in place but also ask you to bring your existing renovations up to code. However, the focus of this article is not to dwell on when to get permits but how to effectively manage renovations that require permits.

Managing Rehab

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