subject: How To Streamline The Rehab Process On Your Real Estate [print this page] When you buy and sell houses for a living, a necessary part of the process is rehabbing. The rehabbing can be absolutely critical to ensuring that you get top dollar for your houses. You don't want to be put into a position where you're left with a property that is impossible to sell.
Since we use private money, when we leave a closing, we have a check in hand which covers rehab costs. Those are the costs that were analyzed when we first examined the property. So it's important that your initial estimate is on the mark, so you'll have enough money to cover your rehabbing costs after the sale.
It's a good idea to set up a contractors meeting a half hour to an hour after the closing. You and the rest of the contractors will meet at the property in order to get a handle on the repairs that have to be done. It's wise to have all the contractors there at once, to save everyone a great deal of running around.
The contractors involved could include an electrician, plumber, heating and air conditioning expert, roofer, landscaper, and, of course, the general contractor. The plumber and the electrician will do the preliminary work before anything else gets started. This is crucial because, if you have a plumbing problem that is unresolved, it could ruin the rest of your work.
The general contractor will perform the demolition work, carpentry, and drywall work, along with interior and exterior paint jobs. The contractors will decide amongst themselves the timing of various jobs, along with who is going to buy various fixtures, such as toilets or medicine cabinets.
It's important to recognize that the work of each contractor is vitally important to the success of the overall project. It doesn't really matter how good your general contractor is, if the plumber is below-par. A house is the sum of its parts, and each part must be in pristine working order if you're going to get top dollar for a house. If you have a good deal of experience working with contractors, like this company has, you know which companies and individuals are the best in their particular fields and you can choose them accordingly. While it is always good to economize, you do not want to cut corners when you're hiring contractors. If you do, you could end up creating a money pit for yourself.
