What are the steps to successful real estate rehabilitation?
Aug 23, 2018 · Step 1 – Demo Step 2 – Repair and Replace Utilities Step 3 – Repair Walls Step 4 – Paint Step 5 – Install Step 6 – Finish Work. One super important way to follow these steps is sticking to your outlined plan that you created at the beginning and keeping a punch list of things you are working on.
How to rehab a house?
Judging by the house flipping shows you see on HGTV, you'd expect a house flip to take approximately 24 minutes to complete. We all know it takes a lot more time, effort and planning in order to successfully renovate and flip a property. In this lesson we will discuss how to plan your rehab project and discuss realistic timelines for each phase of construction.
How do I find the right rehab project for my property?
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 …
How do I plan a rehabilitation program?
10-Step House Flipping Checklist. Pull comparables from the MLS and other websites: No rehab project can start without a proper vision of the final product. Research your market area using the MLS or websites that pull from it (like Zillow and Redfin) to find similar properties.
What is the purpose of staging a house?
(Home staging is the act of preparing a private residence for the sale in the real estate marketplace. The goal of staging is to make a home appealing to the highest number of potential buyers , thereby selling a property more swiftly and for more money.
What can a contractor do for you?
Cabinets, countertop, carpet, tile, paint etc. Contractor can do this for you. Create a schedule and time for each sub- contractor to start and finish their job. Contractor can do this for you. Begin with demolition and trash removal. Remove any trash from the inside and outside of the property.
How long do you have to rehab a house before closing?
Once you decide to close on the property, you will generally have around 2 weeks to 30 days before the final closing date. During this closing period you need to start planning the rehab so you can hit the ground running once you officially take possession of the property.
What is rough in construction?
Rough-in refers to the phase of construction when 'rough' framing, piping and wiring are installed in your property. During the rough-in phase, generally your walls are still open which allows your MEP (mechanical, electrical & plumbing) Contractors to install their 'rough' piping, wiring & ductwork in the walls.
Can asbestos be removed before demolition?
If your property has asbestos, lead or mold you will want to get that removed by a Certified Abatement company before you start the Demolition. Once you have the hazardous materials removed your workers can safely begin the Demolition work tearing out the walls, kitchens, bathrooms and flooring.
What is a punch out?
Contractors usually refer to this as their “punch out” and consists of all the little details such as outlets, switchplates, and light fixtures. Many times, a homeowner will walk through and create a punch list with the contractor.
Can you use an appraisal to inspect a home?
Once the home is under contract with a buyer, they may select to use a home inspector and their lender will order an appraisal . As a result of the inspection or appraisal, you may need to do additional repairs. Then the inspector or appraiser will reinspect the property to make sure the repairs have been done before issuing their final approval.
What to bring to a walkthrough?
Bring essential tools like a camera and flashlight: Don’t show up to your walkthrough empty-handed. Investors should always bring a camera, flashlight, calculator, and a notepad to any property walkthrough. Take pictures as you look around so that you can reference certain rooms and areas later.
What is scope of work?
A scope of work is an essential document that lists the projects to be completed on a rehab property in careful detail; no property rehab checklist should come without one.
What is the best way to change the look of a house?
Install light fixtures, flooring, and appliances (stoves, dishwashers, washing machines, dryers, etc.) Lighting is a great way to change the look of a property and is relatively inexpensive compared to other repairs. Flooring may include vinyl or ceramic tile, hardwood, carpet, or laminate.
What to do when you have a house in a building?
Begin with demolition and trash removal. Remove any trash inside or outside the building. Remove any items that are damaged or that you will be replacing (flooring, cabinets, appliances, light fixtures, toilets, water heaters, etc.) Outside work may include trimming any dead trees or bushes and removing garage doors, fencing, sheds, decks, and siding.
What should be included in a home inspection?
The home inspection should include the heating system, air-conditioning or HVAC system, interior plumbing, electrical system, the roof, the attic, any visible insulation, walls, ceilings, flooring, windows, doors, foundation, sewer line, and the basement.
What should be included in a checklist?
Include both interior (walls, paint, etc.) and exterior items (e.g. landscaping, gutters, and outside lighting). The checklist should be very detailed and describe everything that needs to be done to the property. The inspection report can be used to generate the checklist.
What is a pre-screen question?
Pre-screen any candidate to determine if he or she is a good fit for your project. Pre-screen questions should cover these considerations: A contractor's experience: you want at least three years. Equipment: a contractor should have his/her own equipment. Employees: you want to see adequate support to complete the job.
How much does it cost to repaint a house?
Estimate painting costs: A typical cost to repaint a house exterior with one coat of paint at 2 painter hours and 1gallon of paint per 100 SF (1 CSF) can cost around $160/CSF, or $1.60/SF. You will then need to add costs for height, as well as painting trim.
What is the cable called that is wired to a new house?
Nearly all of the new homes today are wired with non-metallic sheathed cable called Romex, but that may not be what you find when you work on an older house. Depending on its age, you may have some surprises.
How tall should a kitchen countertop be?
The rule of thumb for estimating countertop needs in a house is: 1 Counter: 8 linear feet per 1,000 square feet of living area 2 Counter width and height: 25″ wide x 36″ high
What is a drainage system?
The drainage system consists of sewer laterals, drainage pipes and vents. It’s common for pipes in older homes to break or become clogged. Older homes have cast iron drain lines, which rust out after about 70 years. In some cases, the pipe diameter will be less than required by current codes. If you see cast iron and perform any plumbing, codes may require you to update the drain as well.
What is BTU in heating?
A common update is to add forced air heating and cooling to an older home. The Btu capacity of a residential heating system depends on climate, window size and orientation, insulation and square footage to be heated.
How much does it cost to install an exterior door?
Exterior doors can cost between $200 for a basic slab door, to $2,000 for a stylish Oak or Mahogany entryway. You can expect to pay about $1,500 to cut a wall opening and install a slab door.
Can you refinish a hardwood floor?
If a wood floor is smooth and free of large cracks, refinishing may put the floor back in like-new condition. Most hardwood floors can be sanded and refinished several times.
