EUGENE KANSAS CITY DALLAS

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Archibald Foster
6 years ago
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1 EUGENE KANSAS CITY DALLAS

2 BUY & HOLD INVESTING FINANCE AQUISITION $ REHAB MANAGEMENT

Out the Work 4) Pick Main Contractor & Start Date 5)

3 OVERSEEING REHAB 1) Estimate Cost before Purchase 2) Get Utilities Turned On 3) Prepare Scope of Work/Budget 3) Bid Out the Work 4) Pick Main Contractor & Start Date 5) Oversee Project and Vendors 6) Complete Punch-Out 7) Approve Payments

4 DO SWEAT THE SMALL STUFF Shutters, Window Boxes, Bark Mulch, Bushes, Clean, etc.

5 STANDARDIZE, STANDARIZE, STANDARDIZE 1. Same Paint Colors - Two Tone, Not Flat 2. Same Countertops 3. Same Carpet/Vinyl 4. Same Appliances 5. Same Light Fixtures/Ceiling Fans 6. Two Lists (?)

6 PUTTING TOGETHER A SCOPE OF WORK

7 PUTTING TOGETHER A SCOPE OF WORK

8 PUTTING TOGETHER A SCOPE OF WORK 1166 E 76 th Terrace, KCMO

9 PUTTING TOGETHER A SCOPE OF WORK

10 PUTTING TOGETHER A SCOPE OF WORK Insulation, Siding, Paint, Trim Fix Fascia Board Bark Mulch and Landscaping Gutter and Downspout Power Wash Brick Facade

11 PUTTING TOGETHER A SCOPE OF WORK

12 PUTTING TOGETHER A SCOPE OF WORK A/C Compressor plus Line Set Steps for Stairs Spindles for Rail Cable Box Replace Rotten Piece of Trim, Paint to Match

13 PUTTING TOGETHER A SCOPE OF WORK

14 PUTTING TOGETHER A SCOPE OF WORK Sorta Missing a Deck 10x6 Deck Repair Trim Board Add Stairs to Deck Add Spindles, Rail and Stain Deck Repaint + Repair Door to Basement

15 PUTTING TOGETHER A SCOPE OF WORK

16 PUTTING TOGETHER A SCOPE OF WORK Sand Edges of Floors only Stain Floors Clean Walls, Possibly some Touch Up Paint New Outlets, Plugs and Covers

17 PUTTING TOGETHER A SCOPE OF WORK

18 PUTTING TOGETHER A SCOPE OF WORK Paint Kitchen Cabinets Plus Pulls Countertop Epoxy Paint Backsplash Appliances Plumb Spot For Dishwasher Regrout Tile Floor Install GFCI

19 PUTTING TOGETHER A SCOPE OF WORK

20 PUTTING TOGETHER A SCOPE OF WORK Replace Vanity Regrout Tile Blinds for Window Install GFCI

21 PUTTING TOGETHER A SCOPE OF WORK

22 PUTTING TOGETHER A SCOPE OF WORK 2 Door Stops Closet Door Outlet and Outlet Cover Door Handle (?)

23 PUTTING TOGETHER A SCOPE OF WORK

24 PUTTING TOGETHER A SCOPE OF WORK Furnace Filter

25 PUTTING TOGETHER A SCOPE OF WORK

26 PUTTING TOGETHER A SCOPE OF WORK Run Ductwork to Vents Pinup Pex Lines Fill in Gap to Exterior Clean out Garbage

27 1166 E 76 th : BUDGET AND ANALYSIS

28 LEARN CONSTRUCTION COSTS #1: Contractor Bids (itemized) #2: Talking to Other Investors #3: Talking to People in Construction #4: Books and Online Sources #5: Reviewing Your Results

29 Contractor Bid Examples Interior Door: $125 Electrical Panel: $1000 Create and Plumb Spot for Dishwasher: $200 Light Fixture: $50 Ceiling Fan: $125 Toilet: $150 Tile Shower Surround: $800 Fiberglass Tub Surround: $350 Carpet: $1.50/sq. Ft.

30 THE IMPORTANCE OF MEASURING 1. Learn Rehab Costs 2. Better Ability to Evaluate Potential Purchases 3. Trust but Verify: Keep Honest People Honest 4. Can Ask for the Right amount of Financing

31 THE IMPORTANCE OF ACCOUNTABILITY 1. Some Contractors/ Employees are Incompetent 2. Some Contractors/ Employees are Dishonest 3. Don t Be Afraid to Lecture 4. Hire Slowly, Fire Quickly

32 FOUR WAYS TO REHAB A PROPERTY #1: Yourself #2: General Contractor #3: Subcontractor #4: Employees

33 YOURSELF Advantages Cheap Control Start Right Away Disadvantages E Time (=money) Knowledge/Skill Will Still Need Subcontractors Be Honest About What You Can and Can t Do

34 THE MIRACLE OF DO-IT-YOURSELF

35 General Contractor Advantages Skilled (usually) Quick (usually) Low Hassle (usually) Easy to Let Go Disadvantages E Expensive Really Expensive Possibly Booked The Advantages Listed Don t Apply to All

36 SUBCONTRACTORS (HANDYMEN) Advantages Disadvantages Less Expensive Specialized (sometimes) Easy to Let Go E More Expensive than Employees More Hassle and Scheduling Possibly Booked

37 EMPLOYEES Advantages Least Expensive More Control More Flexibility Start Immediately Disadvantages E Bad Incentives More Hassle and Scheduling Have to Have Consistent Work Hard to Let Go

38 PICKING THE RIGHT CONTRACTOR #1: Ask Around, Look for Referrals #2: Interview Contractor: Ask for Pictures of Previous Work #3: Ask for references: Call them Only #4: You Cut Get the Last What Check You Pay When For Work is #5: Liability Completely Insurance Done and Workman s Comp #6: Consider Time Incentives #7: Sign a Contract #8: Don t Be Afraid to Let Them Go NEVER PAY ALL UP FRONT

39 HIRING THE RIGHT EMPLOYEE #1: Ask Around, Look for Referrals #2: You Get What You Pay For #3: Interview First #4: Ask for References: Call Them #5: Give Them a Tryout #6: Demand Accountability #7: Hire Slow, Fire Fast

40 SCHEDULING EMPLOYEES/CONTRACTORS #1: Time is Money #2: Think Ahead #3: Be Careful, Respect Their Time #4: Have Backups #5: Don t Tolerate Flakes #6: Create System to Monitor and Schedule Work

41 SCHEDULING EMPLOYEES/CONTRACTORS

42 PROJECT ANALYSIS

43 DEALING WITH MISTAKES 1. Accept and Embrace That Mistakes Will Happen 2. You Will Probably be Stolen From, Think Long Run 3. Learn From Mistakes 4. The More Systems, The Better 5. Prepare, but Don t Be Afraid to Jump In

44 Questions and Answers EUGENE KANSAS CITY DALLAS

Work Write Up / Specification of Repairs HUD DIVISION 1. MASONRY HUD DIVISION 2. SIDING. Toll Free

/ / Paperport 2000 official estimating report Work Write Up / Specification of Repairs Toll Free 1-877-932-7177 Clients Name. GREAT CLIENT Property Address. NUMBER ONE GOOD ROAD METRO, VA 20000 Primary