Thinking of Flipping Real Estate? Here’s a few things to consider…

Awhile back we shared the video diary of our rental property renovation project …  I was just clearing out some videos and found this little clip we hadn’t shared. It’s not that it’s a really exciting video – it’s not. That is probably why I didn’t include it in the video diary in the first place.

But, if you followed our project you might recall that we cut up a kitchen counter to make it fit in the bathroom and then cut a hole in it for the sink… only to find out the sink leaked. And then when we tried to find a new sink in that same size – they didn’t make them anymore! We were really stuck.

We learned quite a few lessons during that project. These lessons apply to any renovation project where time is of the essence – which is EVERY renovation project because every day costs you money!

Here’s the top 3 lessons we learned:

  1. Plan your project before you begin. A big part of the planning project includes shopping for the items you’re going to need. For example, we could have saved ourselves a lot of hassle had we expanded our counter search beyond Home Depot, the local lumber yard, and custom kitchen stores (as you’ll hear in this video). We needed an item in stock because there wasn’t time to order, but had we spent a day of shopping FIRST we would have saved ourselves 1/2 days pay that we paid my brother to custom cut the kitchen counter to the size of a vanity counter top.
  2. Factor in travel time for product returns, exchanges and forgotten items. Even the best planned aspects of the project still resulted in an extra trip to the lumber yard or a quick run to Home Depot. This easily added in a day of work for the project. Home Depot was 15 minutes away … so every trip was at least an hour … and that’s if Home Depot staff were actually easy to find. The lumber yard was only about 10 minutes away but it was still a 40 minute trip.

  3. Get copies of the menus of the local delivery and take out places. Instead of stopping the whole crew to go for lunch, have a menu handy so you can take orders and pick up everyone’s food or have it delivered. Unless the property is right beside a Quizno’s you’ll find that meal breaks will really eat into your productive time. Doing this saved us hours over the course of the week.

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1 Comment

Filed under Flipping, investing, real estate, renovations

One response to “Thinking of Flipping Real Estate? Here’s a few things to consider…

  1. Check out some of our Central Florida Flips on our BLOG
    http://www.floridahomeflipping.com/ Let me know what you think.

    Tammy

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