Renovations 101: Estimating Costs, Working with Contractors, & Managing Rehabs

Real Estate Rookie

Fixing up a distressed property might be the BEST way to add value, whether you’re looking to flip houses, BRRRR (buy, rehab, rent, refinance, repeat), or charge higher rents. But to avoid losing money, you’ve got to know what you’re doing! Today’s guest is an expert in home renovations, and in this episode, she’ll walk you through the entire process!

Welcome back to the Real Estate Rookie podcast! Investor Serena Norris has done over 200 deals (including more than 130 flips) in just TEN years, so she knows a thing or two about home improvements! Today, she will show you how to complete a rehab project, step-by-step. You’ll learn about everything from forming partnerships and analyzing rentals to creating a pricing sheet in a new market, building a scope of work, and effectively managing your contractors.

Whether it’s your first time managing construction or you’re looking for systems and processes that will help your jobs run smoothly, you don’t want to miss this renovation masterclass. Serena offers plenty of nuggets that will help you finish your projects on time AND on budget!

In This Episode We Cover:

Serena’s BEST renovation tips, tricks, and hacks (learned from 130+ flips!)

How to manage a home renovation project from start to finish

How to divvy up responsibilities in a real estate investing partnership

Building your pricing sheet when diving into a new market

How to estimate rehab costs and create your own scope of work

The two most common mistakes new investors make on rehab projects

And So Much More!

Links from the Show

Ashley's BiggerPockets Profile

Tony's BiggerPokckets Profile

Join BiggerPockets for FREE

Real Estate Rookie Facebook Group

Real Estate Rookie YouTube

Grab “The Book on Estimating Rehab Costs”

Find an Investor-Friendly Agent in Your Area

Real Estate Rookie 488 – How I’m Flipping 12 Houses (at Once!) All While Traveling

Serena’s Instagram

(00:00) Intro

(00:50) Serena’s Portfolio & Partnerships

(07:23) Building Your Pricing Sheet

(15:55) Creating a Scope of Work

(25:24) Working with Contractors

(34:08) How to Manage Rehab Projects

(43:47) Connect with Serena!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-507

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