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.
statement of work
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.