Real Estate Reference Rehabbing a House
Thursday 15 November
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  by Jim O'Keefe

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  It is easy to be intimidated by the size of a rehab project, particularly if you’ve never tackled one before. This chapter breaks down the steps involved in completing a renovation from start to finish and removes some of the mystery, and hopefully some of the fear, surrounding a renovation. I hope you find it a useful tool when eyeing your next fixer upper.

Step One - Meet With Contractor and Define Job

When starting a rehab, the very first thing that I do is walk through and evaluate the project myself. Then I set up a meeting with my contractor to get his input and finalize my strategy including how to handle certain repairs and whether or not we’re going to make any changes to the basic layout of the property. Now that I work exclusively with one general contractor, my life is much easier since I only have to meet one person. He contacts everyone else and then relays the results of his conversations with them to me. As a result of my experience, I’m becoming fairly adept at determining the best way to do the work. Therefore, my contractor usually winds up completing the projects in the way that I envision. However, he does offer advice and I’m always open to suggestions as to better or cheaper ways to get the job done.

Step Two - Define Job and Buy Materials

Once we meet and determine the work we are going to do, my contractor and I put together a draw schedule. This is usually required by the lender and lists the order in which we intend to complete the work required. I like to shift things around to keep the cash flow coming from the lender. My contractor likes to do things in an order that makes his life easier. We usually settle on something in between.
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