Dressing-Up Kitchen Cabinets
We always try to salvage the kitchen cabinets from the previous owner if we can.
Some cabinets just need hinges replaced, and some dress-up work done on them.
When they’re salvageable, we’ll refinish or repaint them (inside-and-out) and replace the old hardware (hinges and door knobs) on them.
Protect the Property
It’s crucial that the property is properly protected overnight when the contractor leaves it for the day.
The last thing you want is to be thousands of dollars into the rehab of the property, only to have it vandalized; which means you’d have to spend all of that money all over again.
If we’re working with a new contractor, we really make sure they understand EXACTLY how we want the property protected when they leave for the day.
No Personal Emotion
Some investors spend way too much on rehabs by dressing the house up how they’d want it, as if THEY were going to live in it themselves.
When you take that approach, you end up spending money on stuff that the end buyer could very well not even like.
So our goal is to make it nice, clean, bright, and generic.
Stop By Unexpectedly
The longer the rehab takes, the more that property is costing us.
I don’t micromanage, but I DO pop-up unexpectedly here-and-there to keep the contractor on their toes.
They may not do it consciously, but contractors and subs tend to slack a little bit if you don’t stay on top of them.
We stop by unexpectedly and unannounced at least three times a week at each property.
We do it even more when our schedules allow us to.
Get Two Quotes for Major Expenses
Let’s say some major work is needed on the roof, for example.
I’ll get quotes from two different roofing companies. On top of that, I have them break down how much they’re charging me in labor, how much the materials are going to cost, and how much they have built into the price if things don’t go as planned.
This allows us to compare apples-to-apples between the quotes from the two contractors.
Plus, once I’m able to see how much they’re charging for materials, it allows me to see if I can get those materials for cheaper. If I can,
I’ll present this information to them, which brings the overall price down that I’m paying them to do the job.
Do you have any ideas on ways to save on rehabs that I didn’t mention?
Have you ever been in a situation where you feel like you were “ripped-off” by a contractor? Leave a comment, let’s talk about it.