In the world of rehabbing, it’s not a good idea to fly by the seat of your pants. You glance over the property, you do a walk-through – you can see it needs a coat of paint, new carpet, perhaps a hole in the wall needs repaired or a broken window. Since you see it all in your head, you may be fooled into thinking you’ve got it covered.
This is not a wise way to do business. Especially when it has to do with your bottom line. Mistakes and short-sightedness can eat up profits in a hurry when you’re doing a rehab.
I suggest using a detailed checklist. There are so many pieces to this puzzle of rehabbing a property, why risk missing even one small detail.
You will need to have a firm idea of the projects you are going to tackle, big and small, as well as the costs involved in each project. With list in hand, invest the time to take a walk through a hardware store, or Home Depot or Lowe’s and get a firm grasp of today’s prices on the hardware, equipment, and supplies needed to complete the job.
This is a good place to note on your list if you can accept a specific product, or if a cheaper one will do in its place.
With this list in hand, you will also want to maintain the habit of accounting for every penny spent throughout the day, and do this at the end of every day. What a great habit to get into from the very beginning and then repeated with every project. Now you can see exactly where you are with regard to the budget allotted to the job.
A checklist can also help you to see exactly where you are in regard to the time needed. As you check off completed tasks, you can see what is left to be done. An effective way to gauge whether or not you are on schedule.
A detailed checklist has helped many successful rehabbers to making profits on all of the rehab projects that they undertake.
Why leave things to chance when you can have a detailed list that will guide you through each stage of the rehab process?