5 Easy Steps for Finishing Your Fix and Flip Project Fast
I do all of the grocery shopping for my family. And I hate it.
First, I have to come up with the list. That means planning all our meals for the week. Good luck getting two pre-teen girls and a wife to not only to decide on a menu, but agree to eat what's on it as well.
Then there’s the store. Always crowded on the weekends, I’m lucky to find a cart and make it through the meat department without hearing a bunch of crying (usually my own).
But the worst part of all is the inefficiency. I can’t stand it when I make it through every aisle, only to realize I forgot something on my list that requires I traverse the entire store again.
Manny and I feel the same way about fixing and flipping houses. We can’t stand anything that slows our rehabs down. That’s why we follow these 5 simple steps to finishing our fix and flip projects fast.
Use the same materials for every project.
Use the same finishes for every project.
Keep multiple contractors at the house whenever possible.
Have a single point of contact for contractors.
Pay bills on time.
Use the Same Materials For Every Project
Manny and I have a master supply list with SKEW numbers for everything from light fixtures to door hardware to bathroom mirrors to tile and carpet.
Use the Same Finishes For Every Project
We paint the inside and outside of every house the same color, as well as the same cabinet/counter top combination.
Keep Multiple Contractors at the House Whenever Possible
This may seem obvious, but we keep as many contractors working at our houses as possible, at the same time. For example, there’s no reason an HVAC tech, plumber and electrician can’t all be inside your property working simultaneously.
Have Single Point of Contact for Contractors
For a long time Manny and I would both take calls from our crews. This really made it confusing for us and for them. Too many cooks in the kitchen, the saying goes.
Now all of our contractors know to call Manny for EVERYTHING related to the rehab of the home. I stay out if and focus on new acquisitions.
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Pay Bills On Time
Nothing motivates tradespeople to move faster and more efficiently than to pay them on time. We make direct deposits into their bank accounts every Friday, provided of course we know their work has been completed.
In my last post, 3 Easy Tips for Calculating Your Rehab Costs, I explained how to quickly determine whether or not you should take a closer look at that deal being present to you by a distressed property seller, Realtor, or wholesaler.
I also shared a video with you of Manny explaining the progress we’d made at our central Phoenix project.
Well, it’s moving along really fast because we keep multiple trades at the house working as much as possible. Check out this video…
In my next post we'll give you another update from this house, and share with you why fixing and flipping houses with a business partner may be a smart move to put your business into overdrive.